EROSKI completes the sale of two retail warehouse units to Rockspring for 14.5 million euros

12 Jul, 2010, Madrid

• This transaction is part of Eroski’s overall sale strategy
• Cushman & Wakefield advise Eroski
• Reim Partners advise Rockspring

The Spanish food retailer Eroski has completed its third sale & leaseback transaction of the year, with the sale of 2 retail warehouses specialised in sporting goods. It has been acquired by Rockspring, a European property fund manager with over 20 years experience in the sector and with over €5.7 billion funds under management, on behalf of the fund Rockspring TransEuropean IV PLP.

This sale forms part of Eroski’s continued sale strategy, which has seen the sale of shopping centres as well as other properties using the sale & leaseback formula since 2001. The selling price was 14.5 million Euros.

Cushman & Wakefield, as on previous occasions, is the real estate consultant that advised Eroski, and Reim Partners advised Rockspring. DJV Abogados advised Eroski on legal issues and Nicea Abogados advised Rockspring.

According to José Miguel Fernández Astobiza Director of Expansion for Eroski “this sale foillows the strategy we have on selling our real estate assets, but staying as tenants and developing the same activity as we had Hill the moment. We are aware of the attractiuveness of our units mainly because of its location”

James Preston, Rockspring Iberia Managing Director, said:
“We are delighted to have secured the acquisition of two high quality retail assets on long leases at attractive pricing. Spain remains a challenging market with acknowledged downside risk. However, these properties appealed to us due to the combination of their prime location, strong local economic fundamentals, sustainable rental levels and the quality of the lease conditions. As such, the investment provides a high degree of insulation from the downturn, as well as being well positioned for any recovery.”

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