KCRE has also established a joint venture with Grosvenor and Brunswick Real Estate
The real estate asset management firm KEFREN CAPITAL REAL ESTATE (KCRE) has closed the sale of a logistic warehouse in Meco (Madrid) to Merlin Properties, for an approximate amount of Euro 22.2 million. The building, located in the R-2 industrial area of Meco, was built in 2009 on a plot of 50,727 sqm and has a total built area of 35,285 sqm. It is fully occupied by the logistics group Dachser (formerly called Transportes Azkar).
Merlin Properties SOCIMI, S.A., is one of the leading real estate companies listed on the Spanish Stock Exchange and its main activity is the acquisition and management of commercial assets in the Iberian Peninsula. Broseta provided legal advice to KCRE and Garrigues advised Merlin.
KCRE acquired the asset in August 2014 from the insolvency proceedings of Grupo Coperfil. Over the past several months, KCRE has carried out an active management of the asset in order to reposition it in the market and restore its status as one of the best logistic assets in Spain. To achieve this, among other things, KCRE lifted the encumbrances on the property, addressed the significant capex backlog which resulted from the prior owner’s financial troubles, and renegotiated the rental agreement extending the termination date to August 2024. Additionally, KCRE financed the transaction with the entry of capital from a group of Nordic investors and a project finance loan from Caixabank. “The merit of this transaction is to have converted a value added asset into a core asset suitable for institutional investors in a very short period of time” according to Pelayo Primo de Rivera, Executive Partner of KCRE.
The building, made up of four modules with 31 loading docks and 4 TIR gates, was built in 2009 and is equipped with some of the most advanced technical features available on the market. That same year it was leased to the Logistic Division of Transportes Azkar.
Joint venture with Grosvenor and Brunswick Real Estate
KCRE has entered into a joint venture agreement with the British property investment group Grosvenor and the Nordic investor Brunswick Real Estate, where KCRE will act as a local partner in charge of sourcing and structuring of value-added logistic real estate investments in the Spanish market. The JV is planning to invest more than €120M in the coming years.
Grosvenor is a property group with assets under management of approximately €16bn in more than 65 urban centres around the world. Brunswick is a leading advisor and investor in the Nordic countries.
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. KCRE is led by Pelayo Primo de Rivera and Rui Mercadal Vieira.
Grosvenor is a privately-owned property group, active in some of the world’s most dynamic cities. Grosvenor creates high-quality places for people to enjoy and which use resources sustainably. Today Grosvenor has 17 offices in 11 countries and assets in 16 countries. Grosvenor has regional investment & development businesses in Britain & Ireland, the Americas and Asia Pacific. Its international fund management business operates across all of these markets as well as Continental Europe. Grosvenor also has indirect investments, managed centrally. As at 31 December 2014, the Group had total assets under management of £11.4bn (Eur 16bn). More information on Grosvenor can be found at: www.grosvenor.com
BRUNSWICK REAL ESTATE
Brunswick Real Estate is a market leading adviser, lender and investor in the Nordics. Brunswick has advised and invested its clients’ capital for more than twenty years. The Company invests in all real estate asset classes via its real estate investment vehicles, and also via its principal investment capital. More information on Brunswick can be found at: www.brunswickrealestate.com