LCN Capital Partners buys supermarket portfolio for €150M

LCN Capital Partners buys supermarket portfolio for €150M

The Portuguese supermarket portfolio called "Project Amália" is about to be acquired by US private equity fund LCN Capital Partners, for around 150 million euros, reports Eco. The deal is expected to close this month with German Trei, of the Tengelmann Group.

In question is a portfolio of 50 supermarkets, with a total area of 68,196 square metres, including 44 Pingo Doce shops, with an average of 1,400 square metres each, which represent a rent value of 8.1 million euros (97% of the total). 11 of these supermarkets are located in the Lisbon Metropolitan Area, 9 in Porto, 7 in Faro and 17 in other locations.

Also included is a 1,200 square metre Continente in Setúbal, with an annual rent of €81,000, or a Mini Preço in Braga, with 1,000 square metres and annual rent of €68,000, in addition to a 9,700 square metre site in Porto, a 1,300 square metre shop in Aveiro and another asset in Setúbal.

Owner Trei's aim was to sell the portfolio through a share deal. Presented to investors as an "opportunity to acquire the best performing supermarket portfolio" in the country, the deal took off as early as April last year, and was very competitive, with several international funds interested in the business. According to the teaser to which the newspaper had access, the average lease term is 16 years.

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