Frux Capital provides financing for Andino to build air cargo logistics center at Barajas Airport

Cuatrecasas has advised alternative financing leader, Frux Capital Investments, on providing a €14 million loan for the Andino Group—through its subsidiary SAASA Global—to build an air cargo logistics center on surface rights granted by AENA at Adolfo Suárez Madrid–Barajas Airport.

The project will enable Andino, whose main activity is in Peru, to grow in Spain and contribute to Madrid’s airport complex development. This is a distinctive transaction as the construction work will be carried out with the surface rights over a key plot of land granted to Andino.

The Cuatrecasas advisory team was made up by lawyers Íñigo de Luisa and María Granero (Finance); Julio Brasa and Juncal León (Public Law); José María Echevarría (Tax); and Aldo Reggiardo (Corporate and M&A Peru).

With regard to the financing, Íñigo de Luisa remarked, “The transaction differed from the usual financing, both in legal and financial terms, due to the asset type (surface rights over a plot of land at Barajas for air cargo) and confirms the important role of alternative financing funds in Spain, going beyond what is purely real estate. We are pleased to have successfully advised the Frux Capital team, to have collaborated with Beka Finance during the process, and also to have helped the Andino Group (SAASA) on a strategic transaction for them in Spain.”

Julio Brasa pointed out, “From an urban and sectoral point of view, the transaction had two notable features. On the one hand, the specific approval process to be followed by developments that are going to be carried out in airport cargo spaces. On the other, studying and implementing the specific and detailed urban planning regime that was approved for Adolfo Suárez Madrid–Barajas Airport and that must be taken into account for all buildings on the premises.”