The Crédito Agrícola CA Património Crescente real estate investment fund has acquired the buildings where Dan Cake operates in Portugal, for about 22 million euros. The transaction involves real estate where the company's headquarters, offices and warehouses are located, in Póvoa de Santa Iria, as well as the facilities of the company's only factory in the country, in Coimbra, according to information provided by Pedro Coelho, CEO of Square Asset Management (manager of CA Património Crescente), to Eco.
The property in Póvoa de Santa Iria was acquired for 16.3 million euros, while the transaction for the factory premises closed for a total of 5.6 million euros. These figures include the acquisition costs of the properties, which were signed off on the 22nd of March this year.
Pedro Coelho revealed to the same media that Dan Cake was the former owner of the properties. It should be noted that the operation is a sale and lease back. The lease contract with Dan Cake "has a term of ten years with a return of 7%," said the CEO of Square AM.