Private equity fund MDSR Investments has acquired its second portfolio of hypermarkets in Spain for almost €150 mln from Tristan Capital.
The portfolio comprises a gross leasable area of 86,836 m2 and the seven hypermarkets are located in Segovia, Jaca, Fuengirola, San Javier, Tomelloso, San Sebastián, and Ribadeo. The first four are operated by Carrefour and the rest are let to Spanish supermarket chain Eroski. Savills advised on the deal.
'This transaction emphasizes our strong belief in the economic growth fundamentals of the Spanish market,' commented Annalaura Benedetti, head of MDSR in Spain. 'Following our acquisition of five hypermarkets at the start of the year, this deal increases the geographical diversity of our portfolio and further strengthens our position in the Spanish market.'
'This portfolio offered MDSR great geographical diversity of product plus the added bonus of assets let to global operator Carrefour,' said Salvador González, director of retail investment, Savills Spain. 'In addition, Eroski’s financial performance is very much improving, making this an altogether attractive acquisition for the Israeli investment group.'
Following the transaction, MDSR’s Spanish retail assets reach a combined value of nearly €300 mln, split across retail parks, shopping centres and hypermarkets, having shifted from a ‘value add’ profile to a medium to long term position.
