London-listed Intermediate Capital Group (ICG) is investing €105m to buy six Spanish hypermarkets from supermarket chain Eroski.
The specialist asset manager said it has partnered with Inmobiliaria Armuco, a real estate company 45% owned by Eroski, to buy five of its hypermarkets. ICG is also buying a sixth asset completely owned by Eroski in a primary sale and leaseback transaction.
The assets are located in the Basque region of Spain.
Chris Nichols, a managing director of ICG’s sale and leaseback division, said: “The transaction illustrates ICG’s core, long-lease investment rationale with the assets being fundamentally important to Eroski given the location and quality of the real estate and the profitability of the stores.
“We have a pipeline of deals, and are actively looking for further opportunities in this space, both in Spain and across the wider European market.”
ICG currently manages around €28.7bn of assets in third-party funds and proprietary capital, principally in closed-end funds.