Global alternative asset manager Tikehau Capital has acquired five properties housing supermarkets in key tourist destinations across North-West Italy.
Situated along the Tuscan coast in the towns of Castiglione della Pescaia, Forte dei Marmi, Venturina Terme, Orbetello, and San Vincenzo, these assets, mostly constructed or extensively renovated in the past decade, primarily consist of stand-alone units below 2,500 square metres, Tikehau Capital noted.
According to Unicoop Tirreno, the five supermarkets consistently outperform the Italian average in trading performance.
The €37-million transaction was executed as an off-market sale and leaseback deal with Unicoop Tirreno, a prominent grocery operator and cooperative brand of the Italian large-scale retail trade (Coop).
Edoardo Crotta, executive director real estate at Tikehau Capital, commented, “We are very pleased with this acquisition, which consists of mission critical assets for the Unicoop Tirreno distribution back-bone, located across key tourist hubs and providing trading performances well in excess of the Italian average.
“We believe in having exposure to high-quality daily needs-based real estate retail, which has proven to be a stable and defensive asset class with a positive growth outlook in the long term.”
Unicoop Tirreno, a market leader on the Tuscan coast, will continue to manage the supermarkets under a newly established triple net lease agreement with a 24-year term, adjusted against inflation.
This transaction enhances the financial position of Unicoop Tirreno, providing strength for further developments and new openings in its influential areas.
No changes will be made at the commercial, social, or employee levels as a result of this arrangement.
Tikehau Capital plans to further enhance the properties, especially from an ESG perspective, to make them even more attractive to end users.
Pradera Management Italy originated the deal and assisted Tikehau Capital, while the investment was carried out through an Italian fund managed by Investire.