- ING has underwritten the full refinancing of leading Iberian logistics assets developer Montepino Logística (‘Montepino’) for €470 million.
- The bank is one of the most active firms in the Iberian real estate sector over the last 5 years with annual volumes close to €1 billion.
ING has announced today that it has underwritten the refinancing of Montepino, the leading logistics assets developer and asset manager in Spain and Portugal, which was recently acquired by the new alternative investment vehicle of Bankinter Investment (owned by Valfondo, Montepino’s founding partner and manager, Bankinter, and its private banking and institutional clients).
The refinancing transaction, which represents the largest underwriting carried out by a bank in the Spanish logistics sector and one of the largest in Europe, has enabled optimal acquisition financing conditions by Bankinter Investment vehicle as well as to support the current projects under construction. Amounting to €470 million, the loan has a maturity of 5 years. As sole bookrunner, ING has now commenced the loan syndication process.
“We are very proud of being able to finance this interesting and highly complex real estate acquisition. Our client focus and our sector expertise has enabled us to support both Bankinter and Montepino throughout the process, with ING acting as the sole bookrunner for the deal,” says Julián Bravo, Head of Real Estate at ING Spain & Portugal.
On May 14th, Bankinter Investment, the Investment Banking division of Bankinter, announced the acquisition of the 95% stake of Montepino from CBRE Global Investors through a company created by Bankinter, together with Montepino’s managing partner, Valfondo. The REIT arisen from this deal will have Bankinter and Valfondo as shareholders, with 6.4% and 5.1% respectively, in addition to the bank’s private banking and institutional clients. It will be the largest logistics assets REIT in Spain.
Montepino’s portfolio comprises of 22 operational logistics assets, with a gross area of 865,000 square meters and 13 projects under development that are expected to exceed 1.2 million square meters in the coming years, with a gross asset value of €1.2bn. Montepino is one of the largest logistics developers in Spain and among the top ten in Europe. Montepino’s assets, with an average age of not more than two years, combine Big Box or XXL and last mile logistics platforms and are built in strategic locations for logistics.
Leadership in real estate financing with a focus on sustainable assets
ING has a solid track record in the real estate finance market in Spain and Portugal. During the last 5 years, it has been one of the most active banks with annual volumes close to €1bn. During the last 18 months, and despite the sector’s uncertainty due to the current market environment, ING has closed 10 deals with a volume of more than €800 million of new financing. A significant part of that is accounted for by the logistics sector, an area in which ING has been particularly active since 2014, and where it has seen potential due to the growth in ecommerce.
At the end of 2020, more than 60% of ING’s real estate financing portfolio in Iberia can be considered sustainable. It was the first bank to grant a sustainable improvement loan to a leading company in the real estate sector in Spain.