Tristan Fund sells Eroski, Carrefour Spanish retail portfolio for €149m

European Property Investors Special Opportunities (EPISO), the opportunistic fund advised by Pan-European real estate manager Tristan Capital Partners, has sold a portfolio of seven Spanish retail properties to private equity firm MDSR Investments for €149 million ($177 million).

Eroski occupies 58 percent of the retail portfolio, while 42 percent is occupied by Carrefour. CBRE and Linklaters advised the EPISO fund.

“We acquired this portfolio in the depths of Spain’s recession from Eroski in a sale and lease back transaction. We are selling it after assigning 42 percent of the leases to Carrefour and at a time when economic growth and improving retail sales provide a very timely opportunity to exit this investment,” said Cecile Champy, executive director at Tristan. “The disposal provided an exit and returns in line with original projections.”

The seven-asset portfolio includes one of the best-performing hypermarkets in Spain: Garbera in the Basque