US-based sale-and-leaseback specialist WP Carey has announced the €87 mln acquisition of a 27-property supermarket portfolio located in Northern Spain and the Balearic Islands from Eroski Sociedad Cooperativa, one of the largest food retailers in Spain.
The portfolio comprises a total of 481,000 sq ft (45,000 m2) predominantly located in dense residential neighborhoods and is triple-net leased under three 20-year master agreements to Eroski.
Christopher Mertlitz, executive director, Investments, WP Carey said: ‘Due to our longstanding commitment to building strong tenant partnerships, we were able to secure this off-market transaction with an existing tenant to acquire a portfolio of high-quality supermarket assets. Our experience structuring and closing transactions in the Spanish market was critical in achieving a timely close. We look forward to continuing to grow our real estate footprint in Spain and to building on our partnership with Eroski.’
