01 The Opportunity
In 2021 we were set a major challenge by Torraspapel Distribución, a Lecta Group company and leader in the sale and distribution of paper and paper-based solutions for the graphics sector in Spain.
Already a loyal customer of ours owing to the endeavours of our Offices Agency team, this time the requirement was aimed at the Industrial team. Located in the centre of the Iberian peninsula, Torraspapel’s main warehouse was proving to be inefficient, excessively large for its needs and less than optimal from a technical and regulatory standpoint. The business plan was clear: to sell its asset and seek an alternative that was more modern, in keeping with its needs, up-to-date with the latest trends, in possession of sustainability certification and close to Getafe.
02 The Solution
The decision was made to seek out options either in the preliminary construction phase or ready to submit project plans, where the property was capable of being adapted to suit the client’s needs. The Industrial Agency team set to work on the hunt for a project and soon contacted Patrizia, another of its clients which, at that time, was in possession of an approved project plan well connected to Valdemoro (close to the desired area) and in no hurry to break ground. That was until Cushman & Wakefield presented it with a solid pre-letting option.
In order to make the deal a success, Patrizia undertook to complete construction of the unit within 12 months and this decision made the sale process for the old warehouse binding. The appeal lay in finding the best buyer on the condition that the asset would continue working over the following months.
The sale process was clearly structured with the leading developers and investors and, despite difficulties, competition for the asset was strong and culminated with the market’s most significant sales transaction in 2022: GLP ultimately acquired the project for entirely new build and, in turn, offered our Industrial Agency the rental mandate.
03 The Result
360º Transaction that culminated with outstanding success for all of the parties involved. Thanks to its strength, comprising each of our service lines and offering a comprehensive, multi-disciplinary outlook with in-depth knowledge of the market and the main players, our Industrial team was able to provide successful solutions responsive to the requirements of all clients involved, occupiers, investors and developers and throughout all of the phases of the operation, representing the most significant industrial sales deal of that year.