The portfolio is spread across several Spanish cities such as Madrid and Zaragoza and has more than 800.000 sqm GLA, according to sources close to the process heard by newspaper El Economista. These assets were developed during the last three years and are the result of a joint venture established between the two companies at the end of 2017.
At the time both companies announced 11 investment opportunities for a total combined area of 300.000 sqm and considered logistics an attractive segment for investors. In a release, Charles Baigler, ex- CBRE Global Investors' Europe Value Partners fund manager, advanced that «the logistics sector is key to our funds and we are very satisfied with our agreement with Montepino, a first-level logistics developer with an outstanding path in the promotion of high-quality assets in privileged locations». Montepino’s Juan Vera remarked at the time that logistics is experiencing a moment of «real boom» in terms of tenant demand.
Now, logistics has become one of the most attractive segments in terms of investment, given its resilience to the pandemic crisis and the high occupancy demand. And, as a consequence, the same sources pointed out that this operation «will be well received by the segment’s big investors», since «they have been waiting for these assets for some time».
Nevertheless, the desire to expand the portfolio to be placed on the market and the pandemic itself are slowing down the process. On the other hand, the marketing of the portfolio has already been attributed to Morgan Stanley and consultant CBRE.
Besides this future sale, CBRE GI sold 5 logistic assets located at the Corredor del Henares, in Madrid, for 30 million euro to American Clarion Gramercy, in mid-March.