This is a sale & leaseback operation, under which Mercadona assumes the leasing of the assets for 15 years, advanced newspaper Expansión. Mercadona was advised by consultant CBRE and fund LCN Capital Partners was advised by Cushman & Wakefield.
Mercadona’s initial plan was to sell a total of 36 assets spread across different Spanish municipalities for around 200 million euro, in order to «accelerate the radical transformation Mercadona is undergoing», the company mentioned, at the time, to the same newspaper.
This transformation includes the opening of a total of 49 new supermarkets in Iberia, most of which located in Spain and 10 in Portugal, and also the refurbishment of 390 units. This plan – which began in 2017 – should extend until 2023 and represents a 12 billion euro investment.