Savills advises on sale of retail warehouses portfolio in Spain to Ores Socimi

Savills has advised a European fund manager with a long track record in the Spanish market on the sale of a portfolio of two retail warehouses which was the first acquisition made by ORES Socimi, a Spanish REIT launched jointly by Bankinter and Sonae Sierra last February. Both units, located in Artea, Bilbao, and in the Galaria retail park in Pamplona, total a combined GLA of 8,400 sq m and are leased to Forum, a well-known sports retailer that maintains a long-term contract following a Sale & Leaseback deal in 2010.

Luis Espadas, Capital Markets Director at Savills Spain, commented: “The retail warehouse market remains on the radar of investors. It is a market segment which still presents much room for growth in terms of GLA volume and new retailers coming into the market and in which we are seeing new investors”. The transaction was legally advised by Eversheds Nicea on the sale side and Cuatrecasas on the buy side.