Pradera has announced that it has completed the acquisition of a portfolio of six hypermarket assets in northern Spain on behalf of German pension fund Nordrheinische Ärzteversorgung (NAEV).
The portfolio of assets is located in the Basque Country and Navarra and consists of six individual hypermarkets totalling 56,158sq m let on long leases to the Eroski Group acquired at a price close to €130M. Pradera advised on the acquisition and has been retained by Universal to manage the portfolio under a long-term asset and property management contract.
Colin Campbell, Chairman of Pradera, commented: “The acquisition of this portfolio on behalf of a new client, Nordrheinische Ärzteversorgung, demonstrates Pradera’s ability to source and close off-market transactions of the highest quality in the most testing of market conditions in a part of the retail property sector in which we have huge confidence.”
