The Swedish real estate company specialising in light industrial assets has sold 36 warehouses to Transgourmet Ibérica, a wholesale distribution company for the catering industry, for 180 million euros plus ten million variables, according to a statement issued on Tuesday by Sagax.
According to the Swedish company, the purchase price of the assets is 9% higher than their book value at 30 September 2022, specifically 15.6 million euros, so, given the return achieved, the company has decided to divest this package of properties. Sagax acquired the assets in February 2020 for 149.5 million.
With the transaction, Sagax has achieved a capital gain return of 17%, with a profit on the sale and purchase of 27.2 million. The company expects the sale and purchase to close in early 2023.
"We believe the purchase price and terms and conditions are attractive to Sagax shareholders; our objective is to reinvest the purchase price with the highest possible return," said David Mindus, CEO of AB Sagax.
In parallel to its growth plans in Spain, Sagax completed its incorporation as a socimi in June with the start of its listing on Euronext Access Paris, thus joining the growing group of real estate companies that are choosing this market to become public companies and thus benefit from the tax advantages that this entails. Sagax España, whose CEO is Carlos Galofré, closed last year with rental income of 18.7 million euros and a net profit of 6.14 million euros. Operating profit stood at 10.23 million euros in 2021.
In the first half of the year, the socimi allocated 28.2 million euros to the purchase of seven assets located in Madrid (1) and Barcelona (6), totalling 32,400 square metres. The most noteworthy is the property located at number 17 Sepúlveda Street, in Alcobendas, for which the real estate company paid ten million euros. It also earmarked a further 3.8 million euros to renovate and update some of its properties.
