This six single asset encompassing portfolio is split across the Basque and Navarra regions. The grocery stores are let to Grupo Eroski, the leading grocery chain in the Basque region on long leases. All properties are located in micro locations with favorable catchment areas.
Pradera acquired the portfolio on behalf of one of Universal-Investment’s special (SIF) funds in Luxembourg for a German pension scheme.
Gunnar Rueffer, International Real Estate Finance of BayernLB Frankfurt, commented: “Grocery stores are one of the asset classes, which have demonstrated their durability during the pandemic. We are grateful that Pradera has relied on us to execute the transaction during those demanding times. We will continue to support real estate core investments for national and international investors across our targeted markets in Europe”.
Peter Davies, Fund Director at Pradera commented: “We are very pleased to have worked with BayernLB on the financing of the Eroski portfolio. The cooperation between the parties was excellent allowing us to swiftly conclude the financing following the easing of restrictions. We look forward to working with BayernLB on the financing of the next portfolio.”