Valencian business Family Cash, a Spanish hypermarket chain led by José and Carles Canet, has sold a portfolio of seven hypermarkets located in the regions of Valencia and Murcia, to a pan-European investment fund for €33 mln.
The assets are located in the municipalities of Xátiva, Ontinyent, Gandía, Museros (Valencia), Vinaroz (Castellón), Alcoy (Alicante) and Molina de Segura (Murcia) and have a total gross lettable area of 54,300 m2 and about 3,150 parking spaces. Currently all of them are open to the public.
'The transaction, in which we have acted as financial and real estate advisors to the seller, has been structured under the sale & leaseback scheme in which Family Cash will remain as the lessee for a period of 30 years,' said Rafael Paz, director of Colliers Valencia, advisors to the vendor.
'We are particularly satisfied with the closing of deal, bearing in mind the complexity of the current circumstances, those of the transaction itself and the number of the involved assets. It is a process that we have started and concluded in only three months.'
'With this significant injection of resources the group will consolidate the opening of eight stores in 2020, which will create 680 jobs generating an estimated turnover of about €300 mln, and another eight stores in 2021, which will employ another 700 workers,' said Jose Canet, managing director of Family Cash.