Sale-and-leaseback specialist Sagax has completed another chunky acquisition, purchasing a portfolio of 37 Spanish cash & carry centres from GM Food.
The Stockholm-listed company, which specialises in light industrial and warehouse properties, said it is paying SEK 1.56 bn (€152 mln) for the assets. The deal was first mooted in Q1 2020 before the Covid outbreak and was subsequently delayed.
GM Food is controlled by Chinese group Bright Food; the portfolio spans 172,000 m2 of leaseable area and the income is circa €10 mln.
The package is concentrated in the Barcelona and Madrid areas and the average lease length is 5.8 years.
Sagax has built up a portfolio of 3,565,000 m2 spanning 698 properties (as of 30 September 2020) in Sweden, Finland, France, the Netherlands, Spain, Germany and Denmark.
In August, the property company paid SEK 1.4 bn (€139 mln) for 37 Swedish properties from Stark Group which are leased to its building materials subsidiary Bejer Byggmaterial on average lease term of seven years. The net lettable area is 203,000 m2.
