Tristan Capital Partners’ European Property Investors Special Opportunities (EPISO) fund has sold a portfolio of seven Spanish retail properties to private equity firm MDSR Investments for €149m.

The real estate manager said 58% of the assets in Spanish portfolio were occupied by the Spanish retailer Eroski, with Carrefour occupying the other 42%. 

Cecile Champy, executive director at Tristan Capital Partners, said: “We acquired this portfolio in the depths of Spain’s recession from Eroski in a sale-and-leaseback transaction; we are selling it after assigning 42% of the leases to Carrefour and at a time when economic growth and improving retail sales provide a very timely opportunity to exit this investment. 

“The disposal provided an exit and returns in line with original projections.”

The seven assets sold included Garbera in the Basque country, which the manager said was one of the best performing hypermarkets in Spain.

Four other properties in the original portfolio bought by EPISO were sold separately in 2015 and 2016.