The portfolio management company Advenis Real Estate Investment Management (Advenis REIM) has announced the acquisition of a real estate asset in Valladolid by the SCPI Elialys from a private investor.
The amount of the transaction is €19.5 million, excluding taxes. This sixth acquisition is the largest acquisition made by the SCPI to date. It thus reinforces the SCPI’s investment strategy, which focuses on commercial property in southern European countries.
The asset recently acquired by the Elialys SCPI is located in Valladolid, the capital of the province of the same name, in the centre of the Castilla y León region.
The complex consists of two independent buildings: the “Palacete”, built in 1860, which is the main building and an annexe building from the seventies. The Palacete is a remarkable historic building formerly known as the Palacio de Ortiz Vega. It was completely remodelled in 1920 following a fire to its present eclectic appearance, making it a landmark of the city with its walled garden that is listed in the Valladolid Natural Heritage Catalogue. It also enjoys a strategic position in the heart of the old town centre, right next to the Plaza Mayor and the cathedral. The property has a total surface area of 5,092 m²: 2,959 m² for the Palacete and 2,133 m² for the annexe building. There are also 15 private parking spaces.
These offices house the regional headquarters of the multinational banking group BBVA, which has occupied the building for 50 years. The remaining firm term of the lease is over seven years, a long lease with a prime client.
This new acquisition allows SCPI Elialys to strengthen its position in the market in the Iberian Peninsula after a first acquisition in Zaragoza in February.
The transaction comprised the due diligence process, the negotiation of the sale and purchase deed, the financing and the corresponding security package.
EY Abogados advised Elialys with a team led by partner Ignacio Sáenz de Santa María and manager Enrique Pérez from the Real Estate & Construction Practice, with the participation of the following lawyers from the Banking and Finance Practice: partner Gonzalo Martín de Nicolás and manager Elena Galán Fisac.