Tristan opportunity fund sells Spanish retail portfolio for €149m

Tristan Capital Partners’ European Property Investors Special Opportunities (EPISO) fund has sold a portfolio of seven Spanish retail properties to private equity firm MDSR Investments for €149m.

The real estate manager said 58% of the assets in Spanish portfolio were occupied by the Spanish retailer Eroski, with Carrefour occupying the other 42%. 

Cecile Champy, executive director at Tristan Capital Partners, said: “We acquired this portfolio in the depths of Spain’s recession from Eroski in a sale-and-leaseback transaction; we are selling it after assigning 42% of the leases to Carrefour and at a time when economic growth and improving retail sales provide a very timely opportunity to exit this investment. 

“The disposal provided an exit and returns in line with original projections.”

The seven assets sold included Garbera in the Basque country, which the manager said was one of the best performing hypermarkets in Spain.

Four other properties in the original portfolio bought by EPISO were sold separately in 2015 and 2016.

Have your say

You must sign in to make a comment


Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2572

    Asset class: High Yield Bonds.
    Asset region: Global Developed Markets.
    Size: $200m.
    Closing date: 2019-11-27.

  • QN-2573

    Asset class: Real Estate.
    Asset region: Global.
    Size: CHF 150m.
    Closing date: 2019-12-06.

Begin Your Search Now