US private equity fund LCN Capital Partners has paid approximately €150 million for a portfolio of 50 supermarkets across Portugal, according to Portuguese news portal Economia Online.
The ‘Project Amalia’ portfolio has been described as the ‘best performing supermarket portfolio’ in Portugal, offering ‘exceptional profitability’, with an average lease term of 16 years.
The deal is expected to be closed later this month with Germany’s Trei, part of the Tengelmann Group.
Sales Process
The sales process, which commenced in April 2022, was very competitive, according to the paper, with 15 international funds interested.
The 50 assets have a total area of 68,196 square meters, of which 44 are Pingo Doce supermarkets, with an average of 1,400 square metres. Together they represent €8.1 million in rent, or 97% of the total.
Location Of Stores
Of the 44 Pingo Doce stores, eleven are in the Lisbon Metropolitan Area, nine in Oporto, seven in Faro and 17 in other locations.
The portfolio also includes a 1,200 square metre Continente store in Setúbal, a 1,000 square metre Minipreço store in Braga, a 9,700 square metre site in Porto, a 1,300 square metre store in Aveiro and another asset in Setúbal.
In 2020, LCN Capital Partners bought a portfolio of 36 Mercadona supermarkets in Spain.
LCN Capital Partners describes itself as a 'private equity real estate firm specialising in sale-leaseback transactions across North America and Europe'. The business has offices in New York, Cologne, Luxembourg, Amsterdam, London and Palm Beach.
© 2023 European Supermarket Magazine – your source for the latest Retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.
