PATRIZIA completes EUR 51m sale of Spanish supermarket portfolio
Evidence of investment demand for high-quality Spanish retail.
- Portfolio of 21 supermarkets let to Eroski, the Spanish supermarket chain
- Comprises gross lettable area of 29,773 sq m
Augsburg/Madrid, 23 January 2019. PATRIZIA, the global partner for pan-European real estate investment, announces that it has completed the sale of 21 supermarkets let to Eroski, the supermarket chain, in Spain for EUR 51m to MDSR Investments.
The supermarkets, which comprise a gross leasable area of 29,773 sq m, are located mainly in the Basque Country and the Balearic Islands. PATRIZIA acquired the portfolio in August 2010 through a sale and lease back arrangement and has since then thoroughly managed the portfolio and its sale delivering to investors an attractive return.
Eduardo de Roda, Head of Transactions Iberia at PATRIZIA, commented: “Acquired in 2010 at close to replacement cost with the benefit of exceptionally long-term triple net leases, this investment has provided secure rental income over the best part of a decade. We are delighted with the performance achieved for our client.”
Savills Aguirre Newman and Eversheds Sutherland Nicea advised PATRIZIA; MDSR were advised by CBRE.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 35 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages around EUR 40 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
Head of Corporate Communications
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