Mango has sold its main logistics centre in Lliçà d'Amunt for more than 100 million euro. The second fashion group in Spain will remain as a tenant thanks to a sales agreement with a leaseback.

The Catalan fashion firm has reached an agreement with Invesco to sell the facilities it has in Palau-Solità i Plegamans (Barcelona), with a total area of about 150,000 square meters for an amount exceeding 100 million euros, According to sources of the market to the financial newspaper 'Expansion'.

The agreement contemplates that Mango will stay as a tenant of the complex for 30 years, while Invesco Real Estate will achieve a profitability of the asset that will be around 5 percent, according to sources familiar with the agreement and quoted by ‘El Confidencial’, an Spanish .

Mango to divest from main logistics centre

In this complex, which occupies 150,000 m2, are the offices, the headquarters of Mango and the entire design center of the fashion group. It treats In the Hangar they work more than 2,000 people and is the first operating center of Mango in the world.

The operation, which will be carried out through a sale & lease back (sale with subsequent lease), will allow the fashion chain to make cash with the sale, while remaining as a tenant.

This is not the first disinvestment in real estate assets that the company performs. A year ago, the Catalan chain already sold its main logistics center, located in Lliçà d'Amunt (Barcelona) for 150 million in a similar operation, in which it signed a long-term rental contract.

Mango registered sales worth 2,260 million euros in 2016. This was the year in which the fashion company founded by the Antik brothers went into losses (worth 61 million euros) for the first time in its history.

Mango ended 2016 with a net debt of 682.4 million euros, 29 percent more than the previous year, due to the fall in treasury and financial investments. The company invested 138 million euros in new openings last year, focusing on the start-up of large format stores.

Photo: Mango store. Credits: Mango Corporate Site