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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

Pradera appoints Civil Engineer to the role of Technical Asset Manager

Barbara Armanelli joins Pradera Italy

Read whole story

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

A new fashion retailer for Istanbul Cevahir

ltınyıldız Classics starts trading at Istanbul Cevahir

Read whole story

Domoteka releases additional dates for “Domodesign” due to popular demand

Interior design-focussed webinars and workshops are back at Domoteka

Read whole story

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

A bathroom specialist for Homepark Franowo, Poznań, Poland

Jeta starts trading at Homepark Franowo

Read whole story

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Background Photo:
Ragusa: Ibleo Shopping Centre