Israeli MDSR buys Spanish retail portfolio for €150M

Israeli MDSR buys Spanish retail portfolio for €150M

This is the second portfolio of supermarkets Carrefour and Eroski, in Spain, owned until now by the British fund Tristan Capital Partners. This is the biggest transaction recorded this year in terms of supermarkets and malls in Spain.

The assets are located in Segovia, San Sebastián or Tomellos, among other locations, mentions the same source. The operation also includes malls at Segovia, Jaca and Tomelloso.

Annalaura Benedetti, manager at MDSR in Spain, says that “this transaction highlights, once more, our confidence in the growth of Spanish market. After our acquisition of five supermarkets in the beginning of the year, this operation, with Carrefour as the main tenant, consolidates our portfolio expanding the geographical diversity, and confirming our commitment with supermarkets in Spain”.

Cecile Champy, Executive Director at Tristan, said: "we acquired this portfolio in the depths of Spain’s recession from Eroski in a sale and lease back transaction, we are selling it after assigning 42% of the leases to Carrefour and at a time when economic growth and improving retail sales provide a very timely opportunity to exit this investment. The disposal provided an exit and returns in line with original projections".

Salvador González, Director of Investment Retail at Savills, whom represented the Fund during this operation, explains that “geographical diversity of the portfolio, as well as the financial improvement of Eroski and the addition of Carrefour in several supermarkets previously operated by Eroski, was the trigger for MDSR completed the transaction".

MDSR’ portfolio in Spain, in the retail sector, reaches now the €300 million.

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