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Family Cash sells seven supermarkets for €33M
31 March 2020 | Alicia Navarro

Valencian family company Family Cash, led by José and Carles Canet, sold a seven hypermarkets portfolio to a pan-European investment fund for 33 million euro.

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The buildings are located within the Valencian Community and Murcia, in the municipalities of Xátiva, Ontinyent, Gandía, Museros (Valencia), Vinaroz (Castellon), Alcoy (Alicante) and Molina de Segura (Murcia) have a total 54.300 sqm GLA and almost 3.150 parking spots. The operation was advised by Colliers International.

«The operation, on which we acted as financial and real estate advisors for the seller, was structured as a sale and leaseback operation through which Family Cash will remain as a tenant for a period of 30 years. We are particularly satisfied with the conclusion of this transaction, given the complexity of the current circumstances, those of the transaction and the number of assets involved. It is a process we started and finished in only three months», stated the director of the Valencia office for Colliers and person in charge of the transaction, Rafael Paz.

Family Cash’s CEO, José Canet, pointed out that «with this important injection of resources, the group will consolidate the opening of eight stores in 2020, which will generate 680 jobs and an expected turnover of 300 million euro, and eight more stores in 2021, which will generate a further 700 jobs».

«The Mediterranean Arch’s business fabric has once again shown its entrepreneurial capacity and the institutional capital funds are aware of it for their investment plans. Colliers’ geographical capillarity allows us to be close to our customers through offices like the one in Valencia and to advise financial transactions beyond the markets of Barcelona and Madrid», stated the managing director for Colliers in Barcelona, Germán Fernández.