KCRE, Brunswick Real Estate, and Grosvenor Group sell five logistics properties for EUR 57 million

on 02/05/2019

The properties are located across central and north eastern Spain

KCRE, Brunswick Real Estate, and Grosvenor Group sell five logistics properties for EUR 57 million, completing one of the largest transactions of the year in the logistics segment

Madrid, 5 February 2019.  KEFREN CAPITAL REAL ESTATE (KCRE), the real estate investment and management firm, Brunswick Real Estate, and Grosvenor Group announced today the sale of five industrial and logistics properties for EUR 57 million, completing one of the largest transactions of the year in the logistics segment. Prologis has acquired four of the five assets. Blackstone has acquired the remaining one.

The properties are located in Spain’s most established logistics markets of Madrid and Barcelona, as well as the key northern market of Vitoria, have a total surface of almost 90.000 square meters, and are almost fully let with stable lease agreements and a diverse base of occupiers including a mix of third-party logistics providers and end users in the automotive and engineering sectors, among others.
KCRE has generated substantial value in this portfolio through multiple levers:

  • Increased occupancy as attractive lease agreements have been established and renovated with first class tenants.
  • Scale as the acquisition of versatile properties in strategic locations has resulted in a portfolio more valuable than the sum of its parts.
  • Strategic vision, as four of the five warehouses were acquired in 2015-17, benefiting from the e-commerce continued trend that is transforming the logistics landscape, specially in last-mile.

Pelayo Primo de Rivera, CEO of KCRE, highlighted: “The disposal of our logistics portfolio demonstrates our commitment to an asset rotation strategy. Having culminated this successful exit, we are currently looking for Value-Add opportunities to reinvest the proceeds together with selected co-investors”.

KCRE and its partners have been advised by CBRE and Knight Frank (property advisors), Araoz y Rueda (legal advisor), and Acerta (technical advisor).

About Kefren Capital Real Estate

KCRE is a real estate asset management company created in 2012 by the investment firm Kefren Capital. KCRE offers investors the full range of services required for a real estate transaction: sourcing, analysis, financing structuring, deal negotiation and asset management. What differentiates KCRE from other platforms is its ability to co-invest and its investment philosophy – assets are managed from the perspective of the owner and not simply as a third-party manager. Over the last 4 years, the company has closed over 225,000 sqm in logistic transactions in Spain. Further information is available at: www.kcre.es

About Brunswick Real Estate

Brunswick Real Estate is a market leading investor and lender in the Nordics, with services including real estate investments and credit financing.

Investments includes a wide range of structures in commercial real estate, such as real estate funds, separate investment mandates for large institutions and international managers as well as the development of rental housing.

Debt is focused on secured financing of commercial real estate in the Nordic region.

Ventures handles private capital mainly committed by partners, which offers a unique ability to engage in Ventures supporting our clients to unlock value or to seed real estate Projects.

Our team in total includes 50 employees in Stockholm, Helsinki and London as well as senior advisers with broad international expertise. Further information is available at: www.brunswickrealestate.com.

About Grosvenor Group

Grosvenor Group is one of the world’s largest privately-owned property companies. We develop, manage and invest in property in more than 60 cities around the world.

Through the activities of Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe we diversify the Group’s property portfolio by geography, sector, activity, currency and management teams.

Our Indirect Investment business further diversifies the Group’s property interests beyond the expertise and strategies of our four regional Operating Companies. It invests Grosvenor’s capital in Africa, Australia, Europe and North and South America.

Grosvenor Group’s purpose is to deliver lasting commercial and social benefit. To live up to this ambition, for over 10 years we have adopted an approach we call ‘Living cities’ which aims to guide and inspire our property activities.

Achieving strong commercial returns enables our activities to be enduring. Applying our expertise with a far-sighted perspective to improve properties and places provides a positive impact on communities, neighbourhoods and cities. Further information is available at: www.grosvenor.com.

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Kefren Capital Real EstateKCRE, Brunswick Real Estate, and Grosvenor Group sell five logistics properties for EUR 57 million