This was a sale&leaseback operation, with Eroski continuing its activity in these locations until, at least, 2040.
The portfolio has a total of 45.000 sqm. Of the 27 assets, 14 are located in the Basque Country, 9 are located in the Balearic Islands, 3 in Navarre and 1 in Cantabria, as advanced by Eroski in a release.
«This operation highlights the interest there is in the financial market for Eroski and shows the confidence in the solidness of our business project», explained Eroski’s financial director, José Ramón Anduaga.
«We are delighted to be working together with Eroski once again and monetize this high-quality portfolio. We are a long-term investor which is always seeking the opportunity to support our tenants through operations like this one», stated Christopher Mertlitz, CIO at W. P. Carey.
Consultant Cushman & Wakefield and DJV abogados advised EROSKI and Linklaters abogados and Advisian advised WP Carey.
Currently, Eroski distribution group operates a total 1.645 commercial establishments spread across Galicia, the Basque Country, Navarre, Catalonia and the Balearic Islands.