European Property Investors Special Opportunities, (EPISO), a fund co-managed by AEW Europe and Tristan Capital Partners, has completed the sale and leaseback of more than 10 retail units across Spain for approximately EUR 150 mln. The assets, located throughout Spain, total around 120,000 m[sup]2[/sup] and are let primarily to Eroski, a Spanish supermarket chain with over 2,000 outlets across the country.
European Property Investors Special Opportunities, (EPISO), a fund co-managed by AEW Europe and Tristan Capital Partners, has completed the sale and leaseback of more than 10 retail units across Spain for approximately EUR 150 mln. The assets, located throughout Spain, total around 120,000 m2 and are let primarily to Eroski, a Spanish supermarket chain with over 2,000 outlets across the country.
Ric Lewis, CEO of Tristan Capital Partners and Executive Portfolio Manager for EPISO said: 'We're pleased to have completed this transaction with such a relevant company. We believe this long-leased investment into a durable and defensive sector like grocery-anchored retail property will prove to be a thoughtful and counter-cyclical means of investing the EPISO fund into the recovering Spanish economy.'
Rob Reiskin, Head of Investments at AEW Europe added: 'In disrupted markets, there are excellent deals available for those experienced investors able to differentiate between short-term impairment and long-term intrinsic value. We believe this transaction demonstrates this fact.'
Jose Miguel Fernández, Head of Development at Eroski commented: 'From the different options we have analysed, we have chosen the one that better suits our objectives.
Cushman & Wakefield that advised the EPISO fund. Linklaters advised the EPISO fund on legal issues and DJV Abogados advised Eroski.
AEW Europe is one of the leading European real estate investment managers with over 250 professionals operating from 11 offices in Barcelona, Bucharest, Budapest, Düsseldorf, London, Luxembourg, Milan, Paris, Prague, Stockholm, and Warsaw. AEW Europe together with its US and Singapore affiliates have approximately EUR 30 bn in gross assets under management and are a subsidiary of Natixis Global Asset Management.
Tristan Capital Partners is a London-based investment management boutique specialising in real estate investment strategies across the UK and continental Europe. Tristan is the sub-advisor/portfolio manager for the AEW EPI and EPISO funds.