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Sunday, January 16

Mercadona, Eroski … Funds fly over the ‘super’ after losing interest in shopping centers

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SELECT wp_posts.*, MATCH (wp_posts.post_title,wp_posts.post_content) AGAINST ('Mercadona, Eroski ... Funds fly over \'super\' after losing interest shopping centers Related news pandemic has placed supermarkets a preferential place business world. So much so they have become a safe value invest face crisis which shopping centers immersed. recent months, Eroski and Mercadona have closed operations sale & leaseback, a profitable financing formula both parties. \"Many businesses close within shopping centers and not ruled out they do same later,\" industry sources assure Invertia. Hence, many funds have momentarily lost interest shopping centers and focus more supermarkets, whose&hellip;') as score FROM wp_posts WHERE 1=1 AND ( wp_posts.post_date <= '2022-01-16 10:29:21' ) AND wp_posts.ID NOT IN (209850) AND wp_posts.post_type IN ('post', 'page') AND ((wp_posts.post_status = 'publish' OR wp_posts.post_status = 'inherit')) AND MATCH (wp_posts.post_title,wp_posts.post_content) AGAINST ('Mercadona, Eroski ... Funds fly over \'super\' after losing interest shopping centers Related news pandemic has placed supermarkets a preferential place business world. So much so they have become a safe value invest face crisis which shopping centers immersed. recent months, Eroski and Mercadona have closed operations sale & leaseback, a profitable financing formula both parties. \"Many businesses close within shopping centers and not ruled out they do same later,\" industry sources assure Invertia. Hence, many funds have momentarily lost interest shopping centers and focus more supermarkets, whose&hellip;') ORDER BY score DESC LIMIT 0, 6


Related news

The pandemic has placed supermarkets in a preferential place in the business world. So much so that they have become a safe value to invest in in the face of the crisis in which shopping centers are immersed. In recent months, Eroski and Mercadona have closed operations of sale & leaseback, a profitable financing formula for both parties.

“Many businesses will close within shopping centers and it is not ruled out that they will do the same later,” industry sources assure Invertia. Hence, many funds have momentarily lost interest in shopping centers and focus more on supermarkets, whose business has benefited from Covid.

In Portobello Capital, one of the largest venture capital funds in Spain, they do not invest in real estate assets for rent. However, one of its founding partners, Juan Luis Ramírez, understands that “as interest rates are, it is not surprising that there is an appetite to buy rental assets with long-term rental contracts, such as supermarkets, hotels or bank offices, among others”.

New Eroski supermarket in Bilbao.

The last operation of this type was closed this week. Eroski sold 27 properties to the international fund REIT WP Carey that house supermarkets of the distribution group for 85.5 million euros. The transaction was carried out through a sale & leaseback, Eroski continuing with the development of its activity in these places until at least 2040.

Interest for the ‘super’

Why is a supermarket interested in closing this type of operation? In the case of Eroski, the cooperative has been forced to access this type of operation in search of financing to be able to alleviate its high debt and, ultimately, try to avoid the almost certain sale of its subsidiary in Catalonia, Caprabo.

It should be remembered that sale & leaseback operations are an alternative financing mechanism for those who are facing financial difficulties but have real estate that they need to develop their business.

In these transactions, the owner sells the property to the investor in exchange for a specified price. In turn, the investor transfers the property acquired in lease to the seller in exchange for a long-term periodic rent.

Mercadona

Perhaps the most striking case is that of Mercadona. In September sold 27 supermarkets for 180 million euros to the American investment firm LCN Capital Partners European Fund III.

Does Mercadona need extra financing? Well, according to the experts consulted by this means “it is not necessary”, but they detail that “it is advisable to mix rented premises with their own”. In fact, the Juan Roig chain is the safest value for funds since it is the leader in the distribution sector and its stores are always highly successful.

According to a manager of small venture capital funds, institutional investors who get involved – family offices such as LSM, Grupo Corporativo Landon, the Gallardo family, or the Godias – do so at yields from 4.5% to 6%, typically 5%, such as the recent sale by lease (sale and leaseback) of Mercadona. “Supermarket operations are for calmer capitals, not for opportunistic funds”, considers this manager.

Macro

Likewise, these operations “have been used for years,” an expert tells Invertia. Companies like Makro hit the market in search of financing with this type of operations. It first did it in 2018 with the buildings of Barajas, Alcobendas and Paseo Imperial (Madrid), which became the property of the Lasalle fund for about 90 million. A year later, another six centers were released throughout Spain.

Beyond the distribution sector, the funds are focusing more enthusiastically on tourism, especially in the hotel sector, much more compelled to seek financing or sales formulas due to the coronavirus crisis.


Reference-www.elespanol.com

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