US-based LaSalle Investment Management has purchased six outlets occupied by retail wholesaler Makro in Spain for €73 mln on behalf of a French institutional investor.
Metro Properties sold the buildings on a sale and lease back basis to LaSalle, which made the acquisition on behalf of public service pension scheme, ERAFP.
The portfolio totals 67,000 m2. Makro will remain the sole tenant in all six properties, which are located in secondary cities, on 15-year fixed leases with the option to extend.
Located in the major tourist areas of Bilbao, Zaragoza, Badalona, Valencia, Alicante and Palma De Mallorca, each asset is the dominant wholesale store in its city. The assets lie no more than 45 minutes by car from more than one in five of Spain’s total population.
Francesco Coviello, head of acquisitions for central and southern Europe at LaSalle, said: ‘I am delighted that we have acquired this excellent portfolio of assets, based across Spain, a country delivering growth rates well above the Eurozone average.
‘Furthermore, the logistics and warehousing sector is set to outperform given the thriving state of e-commerce in country. This is an excellent example of the strong network that we have in Spain, where we are investing on behalf of a range of clients.’
Wolfgang Baumgartinger, director of transactions at Metro Properties said: ‘Our activities strictly follow the aim of increasing the value of METRO’s real estate. This includes future-oriented investments in our locations, their sustainable development and sale & lease back transactions as long-term commitments.
‘The sale of select assets from the real estate portfolio in Spain is one element of our global portfolio strategy. With LaSalle we have a partner who shares our vision for the wholesale business.’
