San Diego-headquartered REIT Realty Income has acquired 30 supermarkets from Spain's Merlin Properties for €110 mln.
The grocery stores are all let to local operator Caprabo, a Spanish supermarket chain owned by Eroski S Coop.
Merlin said that the portfolio sale, which comprises a gross lettable area of 55,388 m2, represented the largest supermarket transaction in Spain in 2021.
The supermarkets are located throughout the Catalonia region.
The transaction brings Merlin's disposals for the year to around €227 mln, considerably exceeding its asset rotation target for 2021 of €150 mln.
The company said that the assets were all sold at a 5.7% premium to gross asset value, including the Caprabo supermarket portfolio, one retail unit, the minority stake in one hotel, three non-core logistics assets, one office building in Madrid, one BBVA bank branch, two supermarkets and the Aedas stake.