Bankinter Investment closes with ING the refinancing of the Montepino purchase transaction
With this transaction, Bankinter Investment successfully completes the structuring of financing for the acquisition of the logistics platform by its new alternative investment vehicle.
In line with the established growth plan, the Montepino logistics company studies new projects for its short-term development.
Bankinter Investment has closed with ING the refinancing of the purchase of the Montepino logistics assets platform by its new alternative investment vehicle, jointly with Valfondo, the managing partner and founder of Montepino, Bankinter and private banking and institutional customers of this bank. The transaction, which represents the biggest underwriting carried out by a bank in the Spanish logistics sector and one of the biggest in Europe, allows the financing conditions of the purchase by the Bankinter Investment vehicle and of the projects currently under construction to be optimised. With an amount of €470 million, the loan has a term of five years, with a loan to value of 51%. ING now starts a process to syndicate the loan.
On 14 May, Bankinter Investment, Bankinter's investment banking area, announced the acquisition of 95% of Montepino from CBRE Global Investors through a company created by Bankinter jointly with Montepino's managing partner, Valfondo. The real estate investment trust (REIT) resulting from this transaction will have Bankinter and Valfondo as shareholders, with 6.4% and 5.1%, respectively, in addition to private banking and institutional customers of the bank. It will be the largest REIT of logistics assets in Spain.
Eight new projects.
The Montepino logistics company, in line with its growth plan, is now evaluating the launch of new logistics projects to be carried out in the short term. Montepino recently added a new logistics building to its portfolio, with a surface area of more than eight thousand square metres, in San Fernando de Henares, and eight new projects are planned to be started before the end of this year.
In recent years, Montepino has been able to absorb 50% of logistics sector real estate demand in the central area of mainland Spain, developing a million square metres of logistics space. One of Montepino's differential values is its integrated in-house team, which allows it to put logistics platforms with highly sophisticated technology on the market within very tight deadlines, in as little as nine months. All of this along with a clear commitment to place logistics operators at the centre of the entire process. Thus, its Wault to break is more than 8.3 years.
Montepino's assets, with an average age of no more than two years, combine Big Box, XXL and last mile logistics platforms and are built in strategic locations with state-of-the-art real estate logistics. In addition, 100% of Montepino's projects carry this international LEED quality and sustainability certification mark.
About Bankinter Investment:
Bankinter Investment is Bankinter's investment banking area. It was created six years ago and has already successfully launched 15 alternative investment vehicles, with committed capital of €3 billion, making it a benchmark for alternative investment in the Spanish market. Bankinter Investment has a portfolio of assets under management which is valued at more than €5 billion, including project financing. Asset management in all vehicles has followed the model of partnering with an expert company in each investment segment of each fund or REIT, such as renewable energies, the hotel sector, student halls of residence, infrastructures, commercial real estate, private equity and venture capital.
With 20 years of experience, Valfondo is the leading logistics developer in Spain in the delivery of turnkey projects. This Spanish firm develops national and international solutions for the main logistics service providers operating in Spain, as well as for some of the leading companies in the tertiary sector of industry. Its platforms and buildings adhere to the highest international standards and its structures' sustainability and energy efficiency are recognised. Valfondo's highly qualified team works to offer its customers innovative, unique, cutting-edge solutions.
Montepino Logistics, managed by the Valfondo management company, has grown in a little under two decades to be one of the largest owners of logistics real estate in Spain, promoting national and international solutions for the main logistics service providers operating in Spain, as well as for some of the leading companies in the tertiary sector of industry. In recent years, Montepino has been able to absorb 50% of logistics sector real estate demand in the central area of mainland Spain, developing a million square metres of logistics space. In 2020, Montepino became the leading firm in the development of 'turnkey projects' in Spain.