Ascension Completes Industrial Sale Leaseback in Spain on Behalf of OpenGate

Ascension Advisory is pleased to announce the successful closing of an industrial sale leaseback transaction in Toledo, Spain, completed on behalf of Aluminium Solutions Group (ASG), a portfolio company of OpenGate Capital.

Aluminium Solutions Group is an industrial manufacturing business specializing in aluminium extrusion and value-added aluminium solutions, serving a range of industrial and commercial end markets across Europe. OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation and growth.

The transaction involved a 44,026 square meter industrial facility situated on a 56,330 square meter site, representing a mission-critical manufacturing asset for ASG’s operations in Spain, Extrusiones de Toledo (“EXTOL”). As part of the sale leaseback, EXTOL executed a new long-term triple-net lease, allowing the company to retain full operational control of the key property while unlocking significant real estate value for the business.

Proceeds from the transaction were used to strengthen ASG’s balance sheet and provide additional flexibility to support operational initiatives and long-term growth.

The Toledo facility plays a central role in ASG’s manufacturing footprint and benefits from a strategic location with strong logistics connectivity and access to key European markets. The lease includes annual rent escalators and is supported by a robust corporate guarantee, providing long-term stability and alignment between the tenant and the real estate investor.

“This transaction reflects our continued focus on strengthening our portfolio companies by improving their capital efficiency while preserving operational flexibility for the businesses,” said Stéphane Feldmann, Principal at OpenGate Capital.

“Well-structured sale leasebacks like this one allow private equity-backed companies to optimize their capital structure and redirect capital toward higher-return uses within the business. This successful transaction demonstrates how real estate can be strategically leveraged to support growth initiatives, modernization, and operational efficiency for industrial businesses, while preserving flexibility for the day-to-day operations.” Chelsea Mandel, Managing Director at Ascension Advisory stated. “Globally, private equity firms are increasingly using sale leasebacks as a core portfolio strategy to unlock value and support the ongoing growth of their operating companies.”

The Ascension Advisory team ran a competitive marketing process involving multiple interested investors, and ultimately selected Serris Reim on behalf of SOGENIAL Immobilier as the winning bidder. Serris Reim was represented by Colliers Spain, led by Oriol Gual and his team. 

Oriol Gual, National Director of Industrial & Logistics at Colliers, commented: “Sale and leaseback transactions allow real estate investors to access strategic industrial assets with strong tenants and long-term leases, ensuring stable cash flows and attractive returns. In the context of Europe’s reindustrialization, these investments combine security, exposure to productive sectors, and sustainable value creation.”