The portfolio was acquired on behalf of French public service pension scheme ERAFP for 73 million euro. Following the transaction, MAKRO Spain will remain the sole tenant of all six assets with a 15-year fixed lease term with extension options.
«We have in recent years continuously enhanced our relationship with our hospitality customers. The transaction shows the commitment of our company to the Spanish market where sectors such as tourism and hospitality are developing great performance and offering clear growth potential for our company», said Peter Gries, CEO of MAKRO Spain.
The six stand-alone properties are located in the major tourist areas of Bilbao, Zaragoza, Badalona, Valencia, Alicante and Palma De Mallorca, with each asset the dominant wholesale store in its respective city. Strategically located within semi-urban locations in well-established tourist destinations, the six assets cater predominantly to professional customers from the hotel, restaurant and catering sectors.
«This acquisition allows us to improve the sector and country diversification of the Fund. Given the prime locations of the assets and strong sales record of the stores to date, we are confident that the MAKRO portfolio will produce attractive long-term income, continuing the strong performance of the fund», said Mathias Malzbender, Head of Separate Accounts for Continental Europe at LaSalle Investment Management.
«Our activities strictly follow the aim of increasing the value of METRO’s real estate. This includes future-oriented investments in our locations, their sustainable development and sale & leaseback transactions as long-term commitments. The sale of select assets from the real estate portfolio in Spain is one element of our global portfolio strategy. With LaSalle we have a partner who shares our vision for the wholesale business», explained Wolfgang Baumgartinger, Director Transactions, METRO PROPERTIES.
Francesco Coviello, Head of Acquisitions for Central and Southern Europe at LaSalle, said: «I am delighted that we have acquired this excellent portfolio of assets, based across Spain, a country delivering growth rates well above the Eurozone average. Furthermore, the logistics and warehousing sector is set to outperform given the thriving state of e-commerce in country. This is an excellent example of the strong network that we have in Spain, where we are investing on behalf of a range of clients».
For this transaction, METRO PROPERTIES was advised by the consulting firms CBRE and Simmons & Simmons (legal advisory).
METRO PROPERTIES is the real estate company of METRO AG, a leading international wholesale and food expert, operating in 36 countries and employing more than 150,000 people worldwide.
Press Released by LaSalle Investment Management
