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Thursday, April 18, 2024

Dentons advises Remake Live on its first diversification operation in Spain

Dentons has advised Remake Live on the purchase from and leaseback to GAM of three (3) industrial warehouses located at Santiago de Compostela, Ferrol, and San Fernando de Henares (Madrid), for a value of €8 million

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Following the announcement of its first two investments last month, Remake is acquiring a portfolio of three buildings in Spain in a sale and leaseback transaction on behalf of Remake Live. The portfolio consists of 7,942 sqm of industrial assets and their associated offices in A Coruña in northern Spain and Madrid.

As part of the sale of this portfolio, the previous owner leased all of the buildings for an average of 11 years with the option to renew.

The portfolio, with a volume of €8 million, will generate a “triple net” return of 6.17%, in line with Remake Live’s distribution objective (the amount of capital invested, the return and the performance are not guaranteed).

The main building, with a surface area of 5,642 m², is located in the immediate vicinity of Madrid Barajas airport, in one of the most important logistics areas in the Community of Madrid.

The tenant, GAM, is a company specialising in the rental, maintenance, training and purchase-sale of industrial machinery.

“This is Remake Live’s first foreign diversification operation and illustrates the SCPI’s positioning on urban or peri-urban assets generating high yields with a potential for long-term value enhancement,” according to Julien Lamy, Investment Director.

Dentons’ team was led by partner Roberto Tojo with the assistance of associates Francisco Jiménez, Gumersindo Clemente, and José Ramón Pérez.

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