In the first week of August, the CA Património Crescente fund, managed by Square Asset Management, closed the purchase of a logistics property in Murcia, Spain, from Moyca, a European company that exports seedless grapes, for 12.4 million euros.
According to Eco, this logistics building has an area of over 12,700 square metres and is currently used by the company as a warehouse and distribution centre. This is a sale and leaseback operation with a 20-year lease.
Moyca, which exports grapes to more than 40 countries, has now decided to sell the property, which dates back to 2016, in order to guarantee more liquidity to buy more land and increase its production capacity, says the newspaper.
CA Património Crescente has been investing in Spain, its neighbouring country, where it currently has around 20 properties, for an investment of 80 million euros, including Inapa's paper distribution centre, Carrefour supermarkets and petrol stations, among others.
More recently, this summer and in Portugal, the fund managed by Square AM bought the La Vie Funchal shopping centre and, at the end of July, IN Guarda Retail Park from M7.
In the first half of the year, Square AM also bought the Dan Cake buildings on behalf of CA Património Crescente for 22 million euros. As well as the headquarters of MD Plastic, in Valado de Frades, or the Gago Coutinho 26 building, in Lisbon, for 20 million euros.