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Dubai-based real estate and hospitality group Five Holdings completed the acquisition of Spanish company Chioro for AED 210.26 mn (EUR 52.75 mn), in a bid to diversify its property portfolio, according to a Nasdaq Dubai disclosure. The purchase agreement hands Five ownership of El Hotel Pacha in Ibiza and its adjacent land plot, the statement said, adding that it previously had leasing rights to the hotel.
Five’s plans in Ibiza: The company is looking to develop the land plot into a residential development dubbed Pacha Residences.
Payment plan: Five Holdings is shelling out some AED 44.8 mn (EUR 11.3 mn) in equity financing for the purchase, with a deferred payment plan additionally set up for AED 15.9 mn (EUR 4 mn). The remaining AED 149.4 mn (EUR 37.5 mn) will come from an external loan.
The Pacha brand is not new to Five: Five Holdings previously acquired Spanish hospitality company Pacha Group for AED 1.21 bn (EUR 303 mn) in October, funded via a green bond issuance and revolving credit facility. The purchase handed Five Holdings’ ownership of the Pacha Nightclub in Spain’s Ibiza island, in addition to Destino Pacha Hotel.
OTHER M&A NEWS-
AD Ports Group’s logistics subsidiary Noatum has completed its acquisition of 100% of Spain-based logistics outfit Sesé Auto Logisticsfor EUR 81 mn, according to a press release. The acquisition has been sanctioned by all European regulatory bodies. We first got wind of the buyout in October 2023, when the move was still pending regulatory approval.
What happens next? Sesé Auto Logistic will be fully integrated into Noatum starting this month, according to the statement. The acquisition will allow the AD Ports subsidiary to offer integrated end-to-end logistics solutions, including RoRo (roll-on, roll-off) handling, vehicle transportation, and delivery in Spain. The outfit will be rebranded as Noatum Auto Logistics, with efforts to integrate employees ongoing, the statement said.
About Sesé:The company operates in most European countries, with a fleet of upwards of 200 trucks, with offices in Spain, Germany, Poland, Czech Republic, and Hungary.
Noatum has been on an expansion spree: The outfit rebranded AD Ports’ freight-forwarding arm Micco Logistics to Noatum Logistics Middle East earlier this week, taking over Micco’s operations as the freight forwarder for upwards of 80% of Abu Dhabi’s oil, gas, and petrochemical projects. Noatum acquired 100% of APM Terminals Castellón in Spain for EUR 10 mn earlier this month, as the company looked to consolidate its operations in the country.
REMEMBER- AD Ports Group finalized its acquisition of Spain-based Noatum in mid-2023, after receiving regulatory greenlight, with the outfit being valued at EUR 660 mn at the time.
