French public-service pension scheme ERAFP has acquired a portfolio of Makro ‘cash and carry’ wholesale stores in Spain for €73m.

The six properties were acquired by LaSalle Investment Management on behalf of ERAFP from Metro Properties in the form of a sale and leaseback.

Mathias Malzbender, head of separate accounts for continental Europe at LaSalle, said the investment would “improve the sector and country diversification” of the portfolio LaSalle manages for ERAFP.

“Given the prime locations of the assets and strong sales record of the stores to date, we are confident that the Makro portfolio will produce attractive long-term income, continuing the strong performance of the fund,” he said.

Makro stores cater predominantly to professional customers from the hotel, restaurant and catering sectors.

The six properties are located in the major tourist areas of Bilbao, Zaragoza, Badalona, Valencia, Alicante and Palma De Mallorca.

Makro will remain the sole tenant of all six assets on 15-year fixed-lease terms.

“The transaction shows the commitment of our company to the Spanish market where sectors such as tourism and hospitality are developing great performance and offering clear growth potential for our company,” said Peter Gries, CEO of Makro Spain.

LaSalle carried out a similar transaction last year, acquiring another portfolio of Makro properties in Spain from Metro Properties for €86m on behalf of its pan-European core real estate fund.

“The sale of select assets from the real estate portfolio in Spain is one element of our global portfolio strategy,” said Wolfgang Baumgartinger, director of transactions at Metro Properties. “With LaSalle we have a partner who shares our vision for the wholesale business.”