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Blackbrook enters Spain with a supermarket portfolio
The British fund Blackbrook is in talks for its first real estate operation in Spain: the purchase of a portfolio of supermarkets rented by Eroski and currently in the hands of Socimi Lar España.
The fund has been in operation for less than a year and entered the market with the aim of investing about € 1.25 billion in real estate throughout Europe. At the moment, he has already made purchases in countries such as Poland, Denmark and Scotland and is trying to acquire a portfolio of 22 supermarkets that the Spanish investment company put up for sale before the crisis hit and after the completion of the mandatory period of at least three years. during which Socimis must maintain the assets.
In March 2017, he bought supermarkets from the fund for an amount close to € 47.6 million, and at the time of placing them on the market gave them a value of about € 54 million.
Together they have an area of about 28,000 m2, have a contract for another 10 years and are located in several regions. The largest number of supermarkets is found in the Basque Country and the Balearic Islands, although there are also facilities in Navarra, Cantabria and La Rioja.
There are several investors interested in acquiring the portfolio, so all indications are that negotiations will continue and that the transaction may take several weeks.
With this division Socimi is taking another step in its strategy of focusing on shopping centers. To this end, in recent years, he sold logistics properties (in the summer of 2018 it transferred its portfolio of logistics assets worth about 120 million euros to the American Blackstone fund) and offices (it sold four buildings located in Barcelona and Madrid in 2018 and 2019 for a total of 185 million). And now it is looking for a buyer for supermarkets.
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