Edeka agrees €50 million sale and leaseback (DE)

Edeka Minden-Hannover, the largest among the seven regional Edeka firms, has sold a property package consisting of 17 buildings with a total value of approximately €50 million.

The buildings are leased back for long-terms. The portfolio comprises a total sales area of 29,000 m² in 15 retail stores as well as two Cash & Carry wholesale operations totaling 12,000 m² of sales area.

The buildings are scattered across Edeka Minden-Hannover's entire business region of which around one third is situated in Saxony-Anhalt, Brandenburg and Berlin. The acquiring party is a Luxemburg SPV, who was advised on the transaction by Kintyre Investments. Kintyre Investments will be retained as the asset manager following handover.

Paul Shiels, Partner at Kintyre Investments said: "This is the second transaction of this volume and nature we have completed in the second half of 2010, and we now are looking into the first half 2011 with the aim of maintaining our current acquisition program in conjunction with our international investors".

Source: Kintyre Investments

Related News