BISCAY, SPAIN-Locally-based Eroski Sociedad Cooperativa, a Spanish supermarket owner and operator, has signed a sale-leaseback deal on a 13-property portfolio. New York-based W. P. Carey & Co LLC through CPA®:17 – Global, a publicly held, non-traded REIT, has paid $51 million for the portfolio.
“The Eroski acquisition represents an opportunity to enter the Spanish market by investing in well-located retail locations leased to an established brand name retailer,” says W.P. Carey executive director Jeffrey Lefleur. “In addition, the acquisition is consistent with W. P. Carey’s investment strategy of purchasing mission critical assets that also provide industry and geographical diversification to our investment portfolio.”
Eroski will lease the property on a long-term basis, although the exact time frame was not released. The company was represented by Rupert Lea and Yola Camacho of Cushman & Wakefield Spain.
According to reports, earlier in the month Eroski managed to consolidate its debt. Twenty-three lenders agreed to restructure the debt into one short-term loan totaling $2.4 billion. The loan is set to mature in January 2014. <p.Eroski, which was started in 1969, operates more than 1,200 supermarkets and 100 hypermarkets. It also has franchise agreements for more than 500 Aliprox fast-food outlets and manages gas stations, drugstores and travel agencies.