The Castellon-based BDMED Group, which is in the process of expanding and modernising its network of petrol stations, has sold 8 service stations and convenience stores in the Valencian Community, Andalusia and Catalonia to Serris REIM.
The volume of the transaction, which amounts to €22 million, will improve the Group's financial strength and will allow it to develop new opportunities in the different lines of its energy and retail business: fuel marketing, renewable energies and convenience stores. BDMED is a Castellón-based group specialising in the operation of heavy vehicle service stations. It currently operates a total of 21 stations and plans to open 10 more in the coming years. BDMED expects to close the financial year 2023 with a total turnover of 120 million euros.
Colliers acted as financial and real estate advisor to the seller in this transaction.
Rafael Paz, Head of the Valencia office of Colliers and responsible for the transaction, said: "This transaction reinforces our leadership as advisors in complex sale and leaseback transactions to help our clients unlock capital and demonstrates that, provided we can demonstrate viability with low effort rates, market-aligned values and the potential of our clients' businesses, we have a favourable scenario to leverage the available capital and successfully close these types of transactions".
BDMED sources stated: "This transaction allows us to unlock resources and is part of our strategy of growth and diversification of all our business lines, to make BDMED a leader in the national energy business. Our group specialises in identifying value-added opportunities for the development of our activity".
For his part, Gorka Iturzaeta Country Manager of SERRIS REIM says: "We are very pleased with this new acquisition that we add to the rest of the portfolio we manage in Europe. The philosophy of Sale & Leaseback operations is the one that best fits with our main investment objective, which is to preserve assets over the long term.
Serris REIM, as an institutional fund, maintains a certain philosophy of the private investor, more flexible, to be able to dedicate more time to the closing of a transaction, and at the same time, sophisticated enough to be able to create a complex structure of Sale & Leaseback that can satisfy the needs of our new partner, something fundamental for the coexistence between the parties in the long term. At Serris REIM we are delighted to support national companies and become another tailor-made financing tool to support their expansion plans".
CMS Albiñana & Suárez de Lezo has acted as legal advisor to Serris and Garrigues as legal advisor to BDMED.
