Dutch property fund manager Annexum has acquired 62 Jumbo supermarkets from the grocery store chain in a €325 mln sale-and-leaseback transaction said to be the biggest retail deal in the Netherlands over 2020.
The transaction was signed on 29 December and involved 55 Jumbo supermarkets and seven stores with other tenants. In a back-to-back deal, 13 of the Jumbo stores were immediately sold on to CEE investor-developer Portico Investments. Annexum paid €234 mln for the remaining 42 supermarkets and seven stores. Of this amount, €104 mln was financed via loans provided by major investors and family offices. The remaining €130 mln was financed with a mortgage loan.
Family-owned Jumbo has agreed new long-term lease terms with Annexum and both sides have committed to fitting a substantial number of the stores with solar panels over the next two years.
Annexum was advised on the deal by SuperVastgoed, Houthoff, Van Doorne, PVM, Confia en PwC. Jumbo was assisted by McDevitt, Allen & Overy, Deloitte en RPS.
