CMS advises VGP–Areim on €509M logistics assets acquisition

CMS has advised the joint venture formed by VGP and Areim on the acquisition of 17 logistics assets across 13 different countries, two of which are located in Spain, with a combined valuation of €509 million, as well as on the related financing. The acquisition was structured as a share deal.

The assets located in Spain comprise (i) a high-voltage (HV) battery assembly plant in Noain (Pamplona) and (ii) a logistics warehouse located in Martorell (Barcelona). The battery plant is leased to Mobis Spain, part of the Hyundai Group. With a built area of 50,000 square metres on a 147,700-square-metre plot, it incorporates advanced robotics and logistics technologies and benefits from the highest environmental and quality certifications, including BREEAM Excellent, and has been declared of regional interest by the Government of Navarre, states CMS.

The warehouse located in Martorell is leased to the automotive supplier Grupo Cosmos and has a built area of 10,045 square metres on a 18,234-square-metre plot. It is also certified with the BREEAM Excellent seal.

In addition, CMS advised on the financing of the acquisition of the Portuguese and Spanish assets. The €60 million financing was provided by ING, with the security package granted by the Spanish companies forming part of the joint venture. The transaction was led by the real estate team comprising partners Álvaro Otero and Javier Colino (both pictured), senior associates Jorge Durán and Beatriz Madrigal, associate Ana Parejo and lawyer Cristina Romero.