10 November 2020
Pradera acquires Spanish grocery portfolio on behalf of new German pension fund client
Tuesday 10th November 2020
Pradera, one of Europe’s leading specialist retail property fund and asset managers with €3.1bn AUM, has today 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), whose real estate fund is administered by Universal-Investment Luxembourg.
The portfolio of assets is located in the Basque Country and Navarra and consists of six individual hypermarkets totalling 56,158 sq 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.
Peter Davies, Fund Director at Pradera, explained that the transaction was complementary to the existing portfolio of retail assets currently managed by Pradera: ‘The projected extremely long income stream secured against the covenant of the dominant grocery operator in this region of Spain was from the outset one of the most attractive reasons for acquiring this portfolio. We have been looking at the long income market for some time and thought the acquisition of this portfolio perfectly demonstrated the key characteristics of such a strategy. We will certainly be looking at more portfolios in this sector.’
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.’
Pradera News
04 March 2021
Pradera appoints Civil Engineer to the role of Technical Asset Manager
Barbara Armanelli joins Pradera Italy
Read whole story
04 March 2021
Pradera agrees lease renewal with French retailer for a further 12 years
Truffaut extends lease at Les Armoiries Shopping Centre, Bry-sur-Marne, for 12 years.
Read whole story
01 March 2021
A new fashion retailer for Istanbul Cevahir
ltınyıldız Classics starts trading at Istanbul Cevahir
Read whole story
25 February 2021
Domoteka releases additional dates for “Domodesign” due to popular demand
Interior design-focussed webinars and workshops are back at Domoteka
Read whole story
22 February 2021
Homepark Janki welcomes four new tenants in February 2021
Bike Moto, DEKO Meble, Bafra Kebab and Ramen Duck open at Homepark Janki
Read whole story
11 February 2021
A bathroom specialist for Homepark Franowo, Poznań, Poland
Jeta starts trading at Homepark Franowo
Read whole story