French hypermarket giant Carrefour announced on Tuesday that it has signed an agreement with Spanish retailer Eroski Group to acquire 36 hypermarkets with a total sales area of 235,000 m2, as well as eight shopping malls and 22 gas stations adjacent to the stores.
French hypermarket giant Carrefour announced on Tuesday that it has signed an agreement with Spanish retailer Eroski Group to acquire 36 hypermarkets with a total sales area of 235,000 m2, as well as eight shopping malls and 22 gas stations adjacent to the stores.
The €205 mln acquisition will allow Carrefour to grow its store network and gain a presence in 27 new cities while strengthening its position in the food segment. Carrefour is thus continuing its multi-format, omni-channel expansion strategy.
For Eroski, the deal is part of its strategy to focus on the core retail business and accelerate the growth of its store network. Last month, the Basque group sold a portfolio of 11 hypermarkets in Northern Spain
to Invesco Real Estate's open-ended pan-European fund.
The deal, which amounts to €358 mln, is a sale-and-leaseback deal with real estate firm Gonuri Harizartean, which is 45% owned by Eroski Group.
The portfolio includes hypermarkets in the Spanish cities of Algeciras, Antequera, Ceuta, Fuengirola, Roquetas de Mar, Vélez-Málaga, Aguilas, Amposta, Cornellá, Cullera, Denia, Lorca, Murcia, Ondara, Orihuela, Sa Coma, San Javier, Sant Cugat, Santa Pola, Son Cotoner, Terrasa, Huesca, Jaca, Lalín, Lugones, Mieres, Santander, Albacete, Ciudad Real, Cuenca, Logroño, Manzanares, Valladolid, Segovia and Zamora.
The deal is subject to conditions, including approval by the relevant antitrust authorities. Eroski was advised by the corporate finance team of Deloitte Financial Advisory, as well as by law firm DJV Abogados.
