REDEVCO Spain/Portugal has bought the real estate portfolio consisting of stores trading under the Supersol, Hiperdino, Hipersol, Netto and CashDiplo brands through a sale and leaseback formula.
The acquisition covers a portfolio of 72 properties with a total surface area of approximately 180,000 mÂ² of buildings and 55,000 mÂ² of land, comprising the following:
- 50 hypermarkets and supermarkets
- 8 galleries
- 14 other assets (residential plots, industrial land, etc.)
The price of the transaction is approximately â¬210 million. The geographical spread of the portfolio is mainly located in the Canary Islands and in Andalusia.
The retail company, whose assets have been acquired by REDEVCO Spain/Portugal, is owned by the private equity fund Permira (purchaser of the Ahold business in Spain) â" the seventh largest food retail distribution company in Spain. It operates under the Supersol name in supermarkets, under the Hiperdino and Hipersol names in hypermarkets, as Netto in convenience stores, and as CashDiplo in cash & carry stores. It has 586 outlets spread throughout the Canary Islands (175), Andalusia (269), Catalonia (56) and Madrid (86), employing more than 14,000 staff.
Knight Frank, Landwell and ArditÃ©cnica acted as real estate, legal and technical advisers respectively to REDEVCO Spain/Portugal. CBRE, Freshfields and EC Harris acted for the selling company.
The acquisition will increase the size of REDEVCO Spain/Portugalâs portfolio from approximately â¬300 mln. to over â¬500 mln. (from 5% to 8% of REDEVCOâs European portfolio) â" in line with its medium- term target of creating a â¬750 million portfolio in the Iberian Peninsula.
This transaction will further enhance REDEVCOâs market profile in Spain as an independent, active real estate asset management company. This acquisition will also help to improve the tenant mix in Spain/Portugal, with the Cofra part (C&A) being reduced from 85% to 50%.