European Property Investors Special Opportunities (EPISO), the opportunistic fund advised by Pan-European real estate manager Tristan Capital Partners, has sold a portfolio of seven Spanish retail properties to private equity firm MDSR investments for €149 million. The portfolio is occupied by Eroski at 58% and Carrefour at 42%.
Cecile Champy, Executive Director at Tristan, said: “We acquired this portfolio in the depths of Spain’s recession from Eroski in a sale and lease back transaction, we are selling it after assigning 42% of the leases to Carrefour and at a time when economic growth and improving retail sales provide a very timely opportunity to exit this investment. The disposal provided an exit and returns in line with original projections.”
The seven asset portfolio includes one of the best performing hypermarkets in Spain: Garbera in the Basque country. Four other properties in the original portfolio acquired by the fund have already been sold separately in 2015 and 2016.
The EPISO fund was advised by CBRE and Linklaters.
Source : Company