Bankinter Investment’s €1.2 Billion Acquisition of the Montepino Logistic Asset

Ramón y Cajal Abogados advised Bankinter Investment, while Cuatrecasas advised Valfondo, and Pérez-Llorca guided the sellers on the deal.

Bankinter’s Investment Banking division, Bankinter Investment, has agreed to purchase the Montepino logistics asset platform from CBRE Global Investors, a value-add fund European Value Partners 2 (EVP2). The Fund owned 95% of the portfolio together with the Valfondo Group, the platform’s manager and owner of the remaining 5%. The acquisition will be completed through an alternative investment vehicle that Bankinter Investment will create specifically for its private banking and institutional customers.

Valfondo will reinvest the sale of its stake in the new vehicle, maintaining a 5% stake, and will remain as manager of the platform. Montepino will be the largest logistics real estate SOCIMI in Spain.

The SOCIMI, Bankinter Investment’s new investment vehicle, will have only Bankinter’s private banking and institutional customers as shareholders. As with the 14 alternative investment vehicles launched by Bankinter Investment in the last five years, Bankinter will co-invest in the SOCIMI with its customers, becoming the company’s main shareholder (6.4%), together with Valfondo, which will exceed 5.1% of the SOCIMI.

Montepino’s portfolio comprises 22 logistics assets, with a gross area of 865,000 square metres and 13 projects under development with which it is expecting to exceed 1,200,000 sq m of developed land and 500,000 sq m of new GLA over the coming years and 1.2 billion euros in gross asset value. Through this agreement, therefore, the company is consolidating a long-term project, which is investing in sustainability, quality and innovation while also strengthening and reinforcing the financial capacity it guarantees to its tenants and operators to undertake future projects.

Ramón y Cajal Abogados advised Bankinter with a team led by Roberto Tojo (Picture), partner head of the firm’s Real Estate área.

Pérez-Llorca counselled CBRE Global Investors and Montepino Logística on the Tax aspects of the transaction. The team was led by Tax partners José Azqueta and Norma Peña, and involved Tax lawyers Víctor Tenorio and Viktoriya Petkova.

Cuatrecasas guided Valfondo with a Commercial team; from Zaragoza office: Antonio García Lapuente (lead partner in the transaction), Angel Modrego Ibáñez (director), Mara Tomás (senior associate), Ignacio Liria (associate), Guillermo Giménez (associate), from Madrid office: Juan Aguayo (partner) and Javier Rovira (senior associate), a Tax team; from Zaragoza office: Eva Pérez (associate), from Madrid office: José María Echeverría-Torres (partner) and with the assistance of Barcelona office Competition partner Irene Moreno-Tapia.

Involved fees earner: Juan Aguayo – Cuatrecasas; José María Echeverría – Cuatrecasas; Antonio García Lapuente – Cuatrecasas; Guillermo Giménez – Cuatrecasas; Ignacio Liria Jordá – Cuatrecasas; Irene Moreno-Tapia – Cuatrecasas; Eva Pérez López – Cuatrecasas; Javier Rovira – Cuatrecasas; Mara Tomás – Cuatrecasas; José Azqueta – Perez-Llorca; Norma Peña i Bagés – Perez-Llorca; Viktoriya Petkova Dobreva – Perez-Llorca; Víctor Tenorio – Perez-Llorca; Roberto Tojo – Ramon & Cajal Abrogados;

Law Firms: Cuatrecasas; Perez-Llorca; Ramon & Cajal Abrogados;

Clients: Bankinter (Banco Intercontinental Español); Cbre Global Investors; Montepino Logística; Valfondo Group;

Federica Tiefenthaler

Author: Federica Tiefenthaler

Bankinter Investment’s €1.2 Billion Acquisition of the Montepino Logistic Asset

Ramón y Cajal Abogados advised Bankinter Investment, while Cuatrecasas advised Valfondo, and Pérez-Llorca guided the sellers on the deal.

Bankinter’s Investment Banking division, Bankinter Investment, has agreed to purchase the Montepino logistics asset platform from CBRE Global Investors, a value-add fund European Value Partners 2 (EVP2). The Fund owned 95% of the portfolio together with the Valfondo Group, the platform’s manager and owner of the remaining 5%. The acquisition will be completed through an alternative investment vehicle that Bankinter Investment will create specifically for its private banking and institutional customers.

Valfondo will reinvest the sale of its stake in the new vehicle, maintaining a 5% stake, and will remain as manager of the platform. Montepino will be the largest logistics real estate SOCIMI in Spain.

The SOCIMI, Bankinter Investment’s new investment vehicle, will have only Bankinter’s private banking and institutional customers as shareholders. As with the 14 alternative investment vehicles launched by Bankinter Investment in the last five years, Bankinter will co-invest in the SOCIMI with its customers, becoming the company’s main shareholder (6.4%), together with Valfondo, which will exceed 5.1% of the SOCIMI.

Montepino’s portfolio comprises 22 logistics assets, with a gross area of 865,000 square metres and 13 projects under development with which it is expecting to exceed 1,200,000 sq m of developed land and 500,000 sq m of new GLA over the coming years and 1.2 billion euros in gross asset value. Through this agreement, therefore, the company is consolidating a long-term project, which is investing in sustainability, quality and innovation while also strengthening and reinforcing the financial capacity it guarantees to its tenants and operators to undertake future projects.

Ramón y Cajal Abogados advised Bankinter with a team led by Roberto Tojo (Picture), partner head of the firm’s Real Estate área.

Pérez-Llorca counselled CBRE Global Investors and Montepino Logística on the Tax aspects of the transaction. The team was led by Tax partners José Azqueta and Norma Peña, and involved Tax lawyers Víctor Tenorio and Viktoriya Petkova.

Cuatrecasas guided Valfondo with a Commercial team; from Zaragoza office: Antonio García Lapuente (lead partner in the transaction), Angel Modrego Ibáñez (director), Mara Tomás (senior associate), Ignacio Liria (associate), Guillermo Giménez (associate), from Madrid office: Juan Aguayo (partner) and Javier Rovira (senior associate), a Tax team; from Zaragoza office: Eva Pérez (associate), from Madrid office: José María Echeverría-Torres (partner) and with the assistance of Barcelona office Competition partner Irene Moreno-Tapia.

Involved fees earner: Juan Aguayo – Cuatrecasas; José María Echeverría – Cuatrecasas; Antonio García Lapuente – Cuatrecasas; Guillermo Giménez – Cuatrecasas; Ignacio Liria Jordá – Cuatrecasas; Irene Moreno-Tapia – Cuatrecasas; Eva Pérez López – Cuatrecasas; Javier Rovira – Cuatrecasas; Mara Tomás – Cuatrecasas; José Azqueta – Perez-Llorca; Norma Peña i Bagés – Perez-Llorca; Viktoriya Petkova Dobreva – Perez-Llorca; Víctor Tenorio – Perez-Llorca; Roberto Tojo – Ramon & Cajal Abrogados;

Law Firms: Cuatrecasas; Perez-Llorca; Ramon & Cajal Abrogados;

Clients: Bankinter (Banco Intercontinental Español); Cbre Global Investors; Montepino Logística; Valfondo Group;

Federica Tiefenthaler

Author: Federica Tiefenthaler