Italian grocery retailer and Europe’s largest consumer cooperative Coop Alleanza 3.0 has divested a portfolio of 15 supermarkets and seven hypermarkets in Italy as part of a sale-and-leaseback operation.
The buyer is ICG Real Estate, the real estate division of global alternative asset manager ICG, in partnership with GRR Garbe Retail and a German institutional investor.
The 22 food-anchored assets were purchased on behalf of ICG Real Estate’s Strategic Real Estate II fund, and have been subsequently leased back to Coop Alleanza 3.0 on a 30-year lease.
Sale-And-Leaseback Deal
This €222 million sale-and-leaseback deal involves 140,000 square metres of retail space primarily located in the northern Italian region of Emilia Romagna, where Coop Alleanza 3.0 has approximately 25% market share.
Coop will continue to operate the stores under a 30-year lease with strong indexation and no landlord maintenance costs. This long-term lease provides secure, high-yielding income for the investors while supporting Coop's long-term business needs.
Coop Alleanza 3.0 is one of the seven consumers cooperatives of the Coop system and is currently the largest Italian cooperative by number of stores (350 across 8 regions), the number of members, and sales.
Leadcrest Capital Invests In Portugal
Meanwhile in Portugal, French investment fund Leadcrest Capital has acquired a 49% stake in Alcapredial, the Portuguese real estate arm of the French retail group Les Mousquetaires.
Alcapredial manages a portfolio of over 260 retail properties, including Intermarché supermarkets, DIY stores (Bricomarché), and auto repair shops (Roady), valued at approximately €500 million.
The portfolio accounts for over two-thirds of Les Mousquetaires' assets in Portugal.
While the exact acquisition price remains undisclosed, it was previously estimated to be around €120 million.
This strategic alliance between LeadCrest and Les Mousquetaires aims to support the long-term growth and development of the retail group's Portuguese network.
Bank financing was provided by Natixis and Novobanco, along with other major Portuguese banks.
