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Transactions - JANUARY 31, 2018

BNP Paribas buys €250m Italian grocery portfolio

by Released

BNP Paribas REIM, on behalf of the real estate investment fund “Retail Partnership,” has acquired seven additional hypermarkets and 40 supermarkets from Coop Alleanza 3.0.

The transaction, with a total value of around €250 million ($312 million), enabled the fund to achieve total assets of €400 million ($498 million), revenues of around €23 million ($29 million), and 52 properties for a total area of 2.15 million square feet distributed among Veneto, Emilia Romagna, Marche and Puglia. The fund has a duration of 10 years and an average duration of leases of 18 years.

This transaction is part of the Coop Alleanza 3.0 strategic plan 2017-2019 and provides for the rationalization of real estate assets and redevelopment and renewal of the Cooperativa sales network. The management of the stores remains with Coop Alleanza 3.0.

The acquisition was financed through a new loan contract, amounting to €175 million ($218 million), structured by Banca IMI (Intesa Sanpaolo Group), BNP Paribas and ING Italia supported by the DLA Piper law firm.

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