US private equity investor LCN Capital Partners has reportedly agreed to acquire a portfolio of 27 supermarkets in Spain through a €180 mln sale-and-leaseback with operator Mercadona.
The deal, which was reported by Spanish paper Expansion, is said to be the first major buy by an international fund in the country since the onset of the Covid-19 crisis.
Mercadona has agreed to lease back the assets under 15-year rental terms. The deal is expected to close in July.
LCN, a sale-and-leaseback specialist with offices in New York, London and Luxembourg, was co-founded in 2011 by former WP Carey senior exec Edward V. LaPuma and former Goldman Sachs senior exec Bryan York Coldwell.
In late 2019 the fund entered Italy with the purchase of a big box store portfolio from owner-occupier Leroy Merlin in one of the country's largest retail deals of the year.
Although financial details were not disclosed, market sources put the deal value at between €100 and €150 mln. The operation represented the first sale-and-leaseback deal in Italy by the French headquartered home improvement and gardening retailer, Leroy Merlin.
LCN, a sale-and-leaseback specialist with offices in New York, London and Luxembourg, was co-founded in 2011 by former WP Carey senior exec Edward V. LaPuma and former Goldman Sachs senior exec Bryan York Coldwell.
