Metro sells six Makro Spain properties for 73 million euros | Progresiv
Metro AG has announced that its real estate arm, Metro Properties, has sold a portfolio of six Makro Spain properties to LaSalle Investment Management for 73 million euros. 
LaSalle Investment Management acquired the portfolio on behalf of the French public service pension scheme, ERAFP.
The decision to offload the six Makro Spain properties was part of a sale-and-leaseback transaction.
The transaction, which closed in June of this year, will allow Makro Spain to continue as the sole tenant of all six assets with a 15-year fixed lease term with extension options.
Peter Gries, CEO of MAKRO Spain, said, "The transaction shows the commitment of our company with the Spanish market where sectors such as tourism and hospitality are developing great performance and offering clear growth potential for our company."
The six properties are located in Bilbao, Zaragoza, Badalona, Valencia, Alicante, and Palma De Mallorca.
These places are well-established tourist destinations which attract around 40 million overnight tourists annually.
Makro wholesale outlets in these cities cater to professionals from the hotel, restaurant, and catering industry.
Around 10.1 million residents live within a 30 to 45-minute drive from these locations, representing almost 22% of Spain's total population.
Mathias Malzbender, head of separate accounts for Continental Europe at LaSalle Investment Management, said, "Given the prime locations of the assets and strong sales record of the stores to date, we are confident that the Makro portfolio will produce attractive long-term income, continuing the strong performance of the fund to date."
Metro Properties was advised by the consulting firms CBRE and Simmons & Simmons for the transaction. (www.esmmagazine.com)
