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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

Homepark supports preventive health care with initiatives at its centres in Poland

Homepark teams up with mobile cancer prevention units

Read whole story

A new cinema operator for Llobregat Shopping Centre, Barcelona, Spain

7-screen cinema opening in June 2021

Read whole story

Mosaic Metro Park (Chongqing, China) to welcome Uniqlo over the summer

Uniqlo opening at Mosaic Metro Park

Read whole story

Terms agreed for additional Hall of Brands store to open at VILLAGE Shopping & More, Athens, Greece

Hall of Brands will open a second store at VILLAGE Shopping & More

Read whole story

Aldi continues its expansion in northern Italy with new opening at Le Cupole Shopping Centre, Milan

Aldi opens its 33rd store in Lombardy

Read whole story

Fashionable casual wear at affordable prices: Zuiki opens at Itaca Shopping Centre, Formia, Italy

On April 19th Zuiki opened a fully refurbished 120 sqm store at Itaca shopping Centre

Read whole story

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Background Photo:
Ragusa: Ibleo Shopping Centre