The sale was completed for €180M with LCN Capital Partners’ European Fund through a sale-leaseback transaction.
The 27 properties that have been sold are located throughout Spain with particular focuses in Andalusia, Catalonia and Madrid. This transaction, will allow the company to increase liquidity from their existing assets to reinvest back into their core business. The sale is part of a larger plan for the company, which would see the company invest €12bn to contribute to the Spanish economy.
LCN Capital Partners is a major player in the sale-leaseback market and has over $3.5bn in assets under management.
Paolo Rosso, Director at LCN Capital Partners commented: “LCN is proud to have completed this transaction with Mercadona, a corporate leader in Spain. As with other standout companies, LCN looks to partner with our tenant-clients for the long term.”
Chris Gardener, Head of EMEA Retail Investment at CBRE who represented Mercadona in the sale commented: “This transaction is an illustration of the underlying strength in the sale and leaseback market for convenience retail. Long secured terms to experienced operators are in demand given the current market uncertainty and we predict further interest and liquidity in this sector across Europe.”
