French fund manager Stam Europe is in 'exclusive talks' with Eroski, the third-largest food and consumables operator in Spain, to acquire two mid-sized shopping centres in Spain in a sale-and-leaseback transaction, according to well-informed sources close to the process.
French fund manager Stam Europe is in 'exclusive talks' with Eroski, the third-largest food and consumables operator in Spain, to acquire two mid-sized shopping centres in Spain in a sale-and-leaseback transaction, according to well-informed sources close to the process.
The assets are the EUR 70 mln Ballonti shopping centre in Portugalete, offering around 25,000 m2 of retail space across 120 shops, as well as the Parque Almenara in Lorca, which opened its doors in autumn 2008 with 160 retail units across 60,000 m2. The two schemes are part of a larger portfolio and the third tranche of a EUR 1 bn package consisting of a total of 45 hypermarkets and 10 commercial galleries across Spain being sold by the Basque retailer.
In November 2008 Eroski carried out a EUR 350 mln sale-and-leaseback transaction with UK private investor Topland. In February this year, Eroski completed a two-stage sale-and-leaseback transaction with WP Carey. The second tranche, totalling EUR 36 mln, was for the purchase of 16 retail facilities from the Spanish supermarket operator. The first tranche, totalling EUR 38 mln and comprising 13 sites, closed in December 2009. German lender Eurohypo provided financing for the deal.
Cushman & Wakefield is advising Eroski.
