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LCN Capital Partners buys 27 supermarkets from Mercadona for 180 million euros
This topic is assigned to JustAlex
skymarketing 2021 January 20 06:20

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.

 

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