Philips Sees the Light in Argentina
Industrial Site Auction Yields Quick Sale, Maximum Price
- Philips's former light bulb plant in the Saavedra district of Buenos Aires, Argentina.
“The Cushman & Wakefield Semco team showed in-depth knowledge of the local real estate market, which was crucial for success in this project. Through a well-coordinated bid process, it was possible to get the maximum value for this property.”
— Fennardus Manuel de Rooij, GSU Real Estate Officer, Latin America
Royal Philips Electronics of the Netherlands is one of the world’s biggest electronics companies and Europe’s largest, with 159,000 employees in more than 60 countries.
In Argentina, Philips selected us to identify options for the sale of a former light bulb plant in the Saavedra district of Buenos Aires. The 28,000 square-meter (300,000 square-foot) property, with construction potential for more than 80,000 square meters (861,113 square feet) had been under-occupied.
Our Buenos Aires office formed a multidisciplinary team consisting of Brokerage, Project Management, Valuation, and Advisory professionals. The team made a detailed study and weighed the alternatives involved in converting the building versus selling it outright. Eventually they recommended a bid process to obtain the highest possible sale price in the shortest amount of time.
While a detailed data book was being prepared, our brokerage professionals evaluated the Buenos Aires real estate market to identify and select bidders. An RFP was drafted and sent to potential buyers identified by our team and Philips. Two proposals were chosen for negotiation, which kept the bidding competitive up to the final sale. The result was the sale of the property within six months. The short timeline was considered a record for an industrial property of its size.