New York-listed WP Carey & Co has acquired two warehouse logistics facilities in Elorrio and Mallorca from Spanish retail group Eroski for EUR 43 mln.
New York-listed WP Carey & Co has acquired two warehouse logistics facilities in Elorrio and Mallorca from Spanish retail group Eroski for EUR 43 mln.
This the second sale-and-leaseback transaction WP Carey has completed with Eroski and brings the combined total of financing provided to the retailer to more than EUR 115 mln.
The warehouse properties were purchased by WP Carey and CPA:17 - Global, one of its publicly held non-traded REIT affiliates, and are being occupied by Eroski on long-term leases.
Reed Smith & Linklaters were legal advisors to WP Carey, while Eroski was represented by DJV Abogados. Real estate consultant Cushman & Wakefield were transaction advisors to both parties.
The Eroski acquisitions are in addition to WP Carey's recent sale-and-leaseback financings provided to leading European retailers, including Agrokor, Tesco, and OBI.
Established in 1969, Eroski is the third largest food and consumables retailer in Spain. The group, which operates more than 100 hypermarkets and 1,200 supermarkets, has been one of the most active sale-and-leaseback vendors in Europe in recent years, according to PropertyEU Research.
Eroski said earlier this month that it has sold the Bilbondo shopping centre to the Iberian value-added fund managed by ING Real Estate Investment Management for EUR 50 mln. The company is also understood to be in 'exclusive talks' with French fund manager Stam Europe to sell the EUR 70 mln Ballonti shopping centre in Portugalete.
Back in 2008, Eroski concluded the largest hypermarket sale-and-leaseback transaction in Spain ever when it sold a portfolio of 12 hypermarkets in the Basque region to UK investor Topland for EUR 361 mln.
