Pradera, one of Europe’s leading specialist retail property fund and asset managers with €3.1 billion ($3.7 billion) in assets under management, has completed the acquisition of a portfolio of six hypermarket assets in northern Spain on behalf of German pension fund Nordrheinische Ärzteversorgung, whose real estate fund is administered by Universal-Investment Luxembourg.
The portfolio of assets is located in the Basque Country and Navarra and consists of six individual hypermarkets totaling 56,158 square meters (604,500 square feet) leased on long leases to the Eroski Group. The assets were acquired at a price close to €130 million ($154 million). Pradera advised on the acquisition and has been retained by Universal to manage the portfolio under a long-term asset and property management contract.
Peter Davies, fund director at Pradera, said, “The projected extremely long income stream secured against the covenant of the dominant grocery operator in this regi
