Moor Park Capital, a London based specialist in European corporate finance led net lease real estate transactions for institutional and retail investors, today announced that a group of Mexican investors led by Moisés El-Mann through the Mexican investment vehicle Branch Management, have acquired 100% of the share capital of the Spanish company ISC Fresh Water Investment, S.L.U., owner of 253 bank branches in Spain, for a consideration of approx. EUR 290 million.
These bank branches, located throughout Spain with particular presence in Madrid and Barcelona, are let to Banco de Sabadell and represent one of the largest investments in the Spanish real estate market ever conducted by Mexican investors.
The bank branches have the benefit of a long term lease agreement with Banco Sabadell for an initial term of 25 years, put in place at the time the initial acquisition was closed by Moor Park Capital in April 2010, when 378 bank branches were acquired from Banco Sabadell. Since that time 125 bank branches have been successfully sold by Moor Park Capital to individual investors and the sale of the shares in ISC Freshwater completes the disposal process. Moor Park Capital have been retained by Branch Management as exclusive asset managers for the acquired bank branch portfolio. Clifford Chance (real estate and corporate/M&A), Garrigues (tax) and CBRE Spain advised Moor Park Capital on the sale and Banco Santander acted as financial advisors to the investors and Uría Menéndez advised the investors in relation to taxation and legal issues.
This transaction represents the first investment of a major acquisition plan for real estate investments to be undertaken by the Mexican group in Europe.
The investors plan to continue their real estate investments in Spain and Europe to convert Branch Management into a SOCIMI, the Spanish legal entity equivalent to a REIT (Real Estate Investment Trust) in the near future.
In March 2011, the Mexican developer Mosies El-Mann, his brother André and other partners, launched the first real estate investment fund quoted in the Mexican Stock Market, Fibra Uno.
Moor Park Capital Partners, liderada por sus socios fundadores, Gary Wilder, Shemeel Khan and Jagdeep Kapoor, es una firma especializada en transacciones inmobiliarias en los mercados europeos destinadas a la liberación de recursos y motivadas por cuestiones estratégicas y con un importante componente financiero, incluyendo operaciones de sale and leaseback para compañías, instituciones financieras, administraciones públicas y otras entidades gubernamentales. Moor Park Capital opera tanto discrecional como no discrecionalmente para una serie de inversores (tanto individuales como institucionales, incluyendo fondos soberanos) en la búsqueda y ejecución de inversiones caracterizadas por estar fundamentalmente basadas sobre activos inmobiliarios con retornos de características similares a renta fija y protegidos frente a la inflación. Moor Park origina, estructura y gestiona inversiones ajustadas a las específicas necesidades de sus inversores. El equipo de Moor Park Capital tiene una muy amplia experiencia en los mercados inmobiliarios europeos, y ha invertido o asesorado en operaciones por importe de aproximadamente 20.000 millones de libras esterlinas.