Spanish food retailer Eroski has completed its fourth disposal of the year, with the sale-and-leaseback of 21 neighbourhood grocery stores and stand-alone units to Rockspring Property Investment Managers (Rockspring), on behalf of a single-client account for around EUR 45 mln.

Spanish food retailer Eroski has completed its fourth disposal of the year, with the sale-and-leaseback of 21 neighbourhood grocery stores and stand-alone units to Rockspring Property Investment Managers (Rockspring), on behalf of a single-client account for around EUR 45 mln.

Eroski has signed a 20-year lease for the entire portfolio, which comprises 21 assets totalling 320,000 sq ft (30,000 m2) of lettable area located mainly in the Basque country and Majorca.

Rockspring said that the transaction reflects the investment strategy of the single-client mandate, a UK-based pension fund, which is targeting un-leveraged core/core plus returns across Western and Central Europe in retail, office and warehouse opportunities with a total investment capacity of £300 mln (EUR 360 mln).

'Food retail has proven to be a well performing, defensive sector across Spain both before and during the economic downturn; we are therefore pleased to have secured exposure to this successful asset type,' said James Preston, Rockspring Iberia's managing director. He added: 'Due to the combination of prime location, sustainable rental levels and the quality of Eroski as a tenant, the investment provides a high degree of insulation from any further effects of the downturn, as well as being well positioned for any recovery.'

José Miguel Fernández Astobiza, Eroski's development manager, said the disposal is a further step in the company's strategy to dispose of properties in order to release capital to develop its commercial retail activities.

Cushman & Wakefield advised Eroski. DJV Abogados advised Eroski on legal issues and Nicea Abogados advised Rockspring.