London-based alternative asset management firm Hayfin has snapped up a portfolio of five Carrefour cash and carry supermarkets in Italy's Piedmont and Liguria regions for €45 mln.
According to well-informed market sources, Italian asset manager Kryalos Sgr closed the deal on behalf of Hayfin from landlord, US private equity fund Apollo.
Eastdil Secured and Vitale acted on behalf of Apollo. CBRE acted for the buyer.
Despite the challenging times for retail properties, supermarkets are seen as a crisis-resilient asset class and continue to attract international investors. UK REIT Supermarket Income last week doubled the size of its share issue after receiving ‘a strong level of support’ from investors during the marketing roadshow. It raised £140 mln (€160 mln) in the transaction compared to the initial £75 mln.
The Apollo transaction in Italy particular is believed to be the only retail transactions closed in the country since the onset of the coronavirus crisis. It is also one of just a few retail deals closed across Europe over the past eight weeks.
The sale – to be officially launched at the end of the month through CBRE – is believed to be the first and only new product offered to market in the country since early March. Agent CBRE is targeting offers at above €150 mln for the package, which consists of over 20 schemes largely focused on Northern Italy. The portfolio would be sold under a sale-and-leaseback structure.