Bimbo has agreed to buy three factories in Spain that had been previously sold to the British investment fund, European Real Estate Investment Trust. The move follows the acquisition of Panrico last week.
As reported by expansion.com, these factories are located in Paracuellos (Madrid), Puente Genil (Cordoba) and Valladolid.
The total figure paid for the three factories was €24.6 million, which represents approximately ten times the yearly lease it was paying for the use of the facilities.
These, along with a fourth factory, were sold by Panrico in 2007, as a measure to reduce debt.
The company was previously owned by Apax Partners.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Gabriela Guédez. To subscribe to ESM: The European Supermarket Magazine, click here.
