Sixteen supermarkets in Spain, 11 of which are Carrefour stores and five Dia stores, have been subject to a takeover by Kennedy Wilson Europe Retail Estate, property-magazine.eu reports.
The outlets in question, which are located primarily in the Barcelona and Madrid regions of the country, sold for a total of €85.5 million. The acquisition comprises 593,000 square feet of floor space, and the supermarkets together generate a net operating income of over €6 million.
Kennedy Wilson Europe’s CEO and president, Mary Ricks, commented, “This exciting acquisition represents KWE’s largest purchase to date in Spain and brings our Spanish ownership to €136.8 million, or 3.9 per cent of the total portfolio.”
"The portfolio benefits from a strong geographic concentration around the affluent areas of Madrid and Barcelona regions, where around 70 per cent of the income is generated along with the robust tenant covenants of Carrefour and Dia providing secure income streams,” she added.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly. To subscribe to ESM: The European Supermarket Magazine, click here.
