German pension fund Nordrheinische Ärzteversorgung (NAEV) has invested €130m in a portfolio of six hypermarket assets in northern Spain.

Announcing the deal, specialist retail property manager Pradera said it has completed the acquisition of the fully-let 56,158sqm portfolio on behalf of NAEV, whose real estate fund is administered by Universal-Investment Luxembourg. The portfolio is let to Spanish supermarket chain Eroski.

Pradera said it has been retained by Universal to manage the portfolio.

Peter Davies, fund director at Pradera, said the projected extremely long income stream secured against the covenant of the dominant grocery operator in this region of Spain was from the outset one of the most attractive reasons for acquiring this portfolio.

“We have been looking at the long income market for some time and thought the acquisition of this portfolio perfectly demonstrated the key characteristics of such a strategy. We will certainly be looking at more portfolios in this sector.”

Colin Campbell, chairman of Pradera, said: “The acquisition of this portfolio on behalf of a new client, Nordrheinische Ärzteversorgung, demonstrates Pradera’s ability to source and close off-market transactions of the highest quality in the most testing of market conditions in a part of the retail property sector in which we have huge confidence.”

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