The assets, leased to Grupo Uvesco through a lease agreement for the next 20 years, were acquired by Angelo Gordon Net Lease Real Estate in March of this year and total 76,800sqm; the two platforms located in Irún have 39,500sqm; Los Corrales de Buelna, 15,100sqm, and Sámano, 22,200sqm.
The Uvesco platforms supply BM and Super Amara supermarkets in Cantabria, the Basque Country, Navarre and La Rioja. These platforms are intended for both fresh and dry products, and their storage areas are designed with the highest criteria of technical and sanitary safety, food safety and sustainability. In addition, they have the latest technologies in the sector, as well as energy efficiency measures.
Cushman & Wakefield's Debt & Structured Finance EMEA team advised Angelo Gordon Net Lease, developing a structured financing search process.
Paul Lewis, Managing Director of Angelo Gordon Net Lease, said: "We are delighted to have closed the financing for this triple-net lease logistics portfolio, which demonstrates our ability to identify and structure large portfolios of assets critical to the operations of companies through sale and leaseback transactions with strong tenants across Europe. BBVA has proven to be the right bank due to its knowledge of the sector and its locations."
Salvador Pastor and Maarten de Jong, Debt & Structured Finance EMEA Partners at Cushman & Wakefield, added: "We would like to thank Angelo Gordon Net Lease for their trust in our team in this important transaction that demonstrates the high interest from lenders in the logistics space."
Angelo Gordon's legal advisors were Cuatrecasas and Paul Hastings, while BBVA was advised by DLA Piper.
