BNP Paribas REIM, on behalf of the real estate investment fund "Retail Partnership", expanded the scope of the Fund with the acquisition of 7 additional hypermarkets and 40 supermarkets from Coop Alleanza 3.0. The transaction, with a total value of around €250m, enabled the Fund to achieve total assets of €400m, revenues of around €23m, and 52 properties for a total area of around 200,000 m² distributed among Veneto, Emilia Romagna, Marche and Puglia.
The Fund has a duration of 10 years and an average duration of leases of 18 years. This transaction is part of the Coop Alleanza 3.0 strategic plan 2017-2019 and provides for the rationalization of real estate assets and redevelopment and renewal of the Cooperativa sales network. The management of the stores remains with Coop Alleanza 3.0.
The acquisition was financed through a new loan contract, amounting to €175m, structured by Banca IMI (Intesa Sanpaolo Group), BNP Paribas and ING Italia supported by the DLA Piper law firm. BNP Paribas REIM Italy has been assisted by Molinari e Associati law firm, the Facchini Rossi & Soci Tributary Firm, as well as Duff & Phelps REAG as technical advisor, and Appeal Strategy & Finance as a financial advisor.
