The US firm acquires these properties
under the sale-leaseback formula, so the supermarket company will continue to
rent these premises
Mercadona has sold 27 supermarkets for 180
million euros to the US investment firm LCN Capital Partners European Fund
III. The sale, led since it was launched on the market last March by the
consulting firm CBRE, has been carried out under the sale-leaseback formula
(purchase by subsequent lease), so the operation will not affect the operation
of supermarkets, which will continue managing Mercadona. These properties
are distributed throughout Spain, being Andalusia, Catalonia and the Community
of Madrid, where the vast majority are located.
The derived income will allow Mercadona to
tackle with greater agility the transformation process in which it is immersed
and which it expects to culminate in 2023. Once completed, the company will
have made a total investment effort of 12,000 million euros, of which it is
planned to invest 1.8 billion euros this year.
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According to Paul Santos Robson, national
director of Retail Investments at CBRE, "sale-leaseback operations are
once again frequent in the retail market and other sectors where companies seek
to increase their liquidity and optimize their balance sheet."
LCN Capital Partners has $ 3.5 billion in
assets under management and is one of the main players in the sale-leaseback
market; Its co-founder, Edward V. LaPuma has already participated in
several of these operations for more than 20 years. More recently, LCN has
closed a large number of transactions in various countries and different real
estate sectors.
Edward La Puma, co-founder of LCN has
commented on the first sale-leaseback operation of the firm in Spain that “we
are proud to have closed this operation with Mercadona, one of the main
corporations in Spain. Our goal at LCN is to seek long-term partnerships
with tenant-clients. We will continue working with Mercadona on this
portfolio and we are in a position to offer Mercadona any type of corporate
transaction with a real estate underlying.
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Paolo Rosso, director of LCN Capital
Partners adds that “these assets are located throughout the national territory
and are critical to the success of the business, which is why we have
negotiated a long-term contract that allows Mercadona total operational control
of the properties ”.
Salvador Evangelista, one of Mercadona's
Real Estate Assets directors, adds that this is "the first sale-leaseback
operation for Mercadona and it has been a pleasure to work with the LCN and
CBRE team throughout the process."
Socitété Generale and BBVA have acted as syndicators
and funders of the operation for LCN. Herbert Smith has advised the buyer
and Arshurst as legal advisers to the funders. Cushman & Wakefield has
represented the funders in the Asset Valuation.