The German pension fund Nordrheinische Ärzteversorgung (NAEV), through Pradera, has closed the purchase of two hypermarkets in Spain, leased from Eroski. The assets were owned by ICG, which incorporated them through a sale & leaseback operation.
The properties will be managed by Pradera, founded in 2000. As they reveal, they have more than 3,000 million euros in assets under management in nine different countries. Pradera has a portfolio of supermarkets under management that adds up to a valuation close to 200 million euros.
"The successful purchase of these two new assets in northern Spain complements the existing portfolio of six assets that we acquired on behalf of Universal-Investment at the end of 2020," said Peter Davies, Fund Manager at Pradera.
"The acquisition of these hypermarkets is part of a long-revenue, grocery-focused European investment strategy on behalf of NAEV, designed to generate sustainable returns in one of the most sought-after real estate asset classes," he adds.
NAEV has already conducted similar operations in the past, namely an acquisition in late 2020, where they paid 130 million for six Eroski hypermarkets and the Puente de la Ribera shopping gallery to Invesco Real Estate. This portfolio is located mainly in the Basque Country: Arrasate, Ordizia, Urola, Zalla, Zarautz and Tudela (Navarra).