Spanish retailer Eroski has announced that it has sold six of its commercial properties to specialist asset manager ICG, for €105 million.
The transaction includes five properties owned by the real estate company Armuco SL, in which Eroski holds 45% of its capital, and a sixth real estate asset wholly owned by the group.
Disinvestment Strategy
The retailer said that the deal has allowed it to recover the financial investment it held in the real estate company Armuco, and is aligned with its disinvestment campaign in non-strategic assets, which Eroski has carried out in recent years.
The financial director of Eroski, Jose Ramón Anduaga, said that the deal values the operation very positively, at a time when the real estate market in Spain has regained the interest of investors.
"It is an operation that accelerates our transformation plan towards a more competitive company and more focused on our strengths,” Anduaga said.
Over the last three years, the Spanish retailer has reduced its amortised debt by €646 million. At the beginning of its debt crisis, the debt with the financial entities exceeded €3.8 billion.
Eroski recently posted a 5.7% increase in profit before tax to €55.7 million in its full-year 2017.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Aidan O'Sullivan. Click subscribe to sign up to ESM: European Supermarket Magazine.
