Spain sale and leaseback portfolio partially sold

An investor group advised by Moor Park Capital Partners has sold 48 local bank branches to the Pontegadea, private investment firm of the Inditex clothing retail founder, Armancio Ortega

Moor Park Capital, the London-based asset management and investment firm, has sold a package of 48 local bank branches in Spain to the private investment house of Armancio Ortega, the founder of the eponymous Inditex fashion chain.

In a statement issued today, it emerged ISC Freshwater Investments, which is an investment vehicle advised by Moor Park, has sold the prime branches for €55 million to Pontegadea Group.

The sale underlines the break-up strategy that investments firms are pursuing in Spain once they acquire multiple units in large sale and leaseback transactions with savings banks in the country.

Moor Park and a consortium of investors reported to include New York’s Och-Ziff Capital Management, bought 378 branches for €403 million in April this year from Banco Sabadell in a sale and leaseback deal. The bank agreed to a minimum rental term of 25 years across the properties. The subsequent sale comprises five large retail banking units situated in well-established retail locations in different Spanish major cities including Barcelona and Madrid.

Cushman & Wakefield and Aguirre Newman are exclusive selling agents across the whole portfolio. The former of the two agents said in a statement it received many inquiries from interested buyers so it decided to sell a small selection of individual assets from the portfolio. To date around €65 million of properties have been sold in total.

The buyer is the private property company of the founder of Inditex, Armancio Ortego, whose best-known high street chain is Zara.

Shares in Inditex have risen around 32 percent since the start of the year, giving the Ortega family a corresponding increase in paper wealth.