Sagax bought 37 assets from GM Food for €152M

Sagax bought 37 assets from GM Food for €152M

These cash & carry from GM Food are spread across the country, but more concentrated in Madrid and Barcelona revealed newspaper Expansión this Thursday. The 37 assets have a total combined area of 172.000 sqm.

This was a sale&leaseback operation, meaning that the company controlled by Chinese multinational Bright Food will continue operating these assets for a further 5 years. The average leasing contract is around 5.8 years and the annual rent is around 10 million euro.

This transaction had already been agreed upon during the first quarter, but due to the pandemic, it was only concluded now.

GM Food opened its first establishment in 1925 but only started with the «Cash&Carry» in 1970 with the name GMcash, having been «Spain’s first cash&carry». Since then, the company opened several centres and it currently has 8 headquarters in the country: Burgos, Fuente de Piedra (Málaga), Ingenio (Las Palmas de Gran Canaria), Montcada (Barcelona), Torrejón de Ardoz (Madrid), Tortosa (Tarragona), Vilamalla (Figueres), Xirivella (Valencia).

The assets’ new owner, Swedish Sagax has a portfolio spread across several countries in Europe, for a total of 698 units with 3.565.000 sqm lettable area. Of these units, 67 are located in Madrid and Barcelona with a total combined area of 235.000 sqm.

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