Specialist asset manager Intermediate Capital Group (ICG) has partnered with Inmobiliaria Armuco, a Spanish real estate company 45%-owned by Eroski, to acquire six Spanish hypermarkets leased to Eroski for a total of €105 mln.
The assets have all been leased back to Eroski under 21-year, CPI linked, triple-net leases.
The assets are in the Basque region of Spain and each rank in the top quartile in terms of Eroski trading performance.
Chris Nichols, managing director of ICG Sale and Leaseback, commented: 'The transaction illustrates ICG's core, long-lease investment rationale with the assets being fundamentally important to Eroski given the location and quality of the real estate and the profitability of the stores.'
He added: 'We have a pipeline of deals, and are actively looking for further opportunities in this space, both in Spain and across the wider European market.'
Jose Ramon Anduaga, CFO of Eroski commented: 'It is an operation that drives our transformation towards a more focused company in our core business strengths in a moment when the real estate market in Spain has regained interest from international investors.'
ICG was advised by Savills and Eversheds.