LCN Capital Partners Acquires Portfolio of Stores in Mercadona’s first Sale-Leaseback Transaction
Portfolio of 27 Stores throughout Spain Will be Let to Mercadona through a Long-Term Lease Agreement
New York, USA & Valencia, Spain – September 3, 2020 – LCN Capital Partners (“LCN”) today announced that it has simultaneously acquired and leased back twenty-seven (27) supermarkets with Mercadona, Spain’s leading supermarket and online retailer.
The diversified portfolio of properties is located across Spain, with a strong concentration in Andalusia, Catalonia and Madrid. The portfolio totals over 67,000 sqm and is leased to Mercadona for a period of 15 years.
This is the first sale leaseback of its type contemplated by Mercadona, who has historically developed and operated its own real estate portfolio as its businesses expanded. This transaction has allowed the company to realize value from its existing portfolio and provide capital for reinvestment into their core business as part of a larger strategic plan, expected to be completed by 2023. The plan includes an investment of approximately €12 billion, €1.8 billion of which is planned to be invested this year. Through these efforts Mercadona will contribute to the acceleration and revival of economic activity in Spain and Portugal.
LCN Capital Partners has over $3.5 billion in assets under management and has closed on many sale-leaseback transactions in several countries covering various industries and property types.
Mr. LaPuma, Co-Founder and Managing Partner of LCN Capital Partners commented on LCN’s first sale-leaseback in Spain: “LCN is proud to have completed this transaction with Mercadona, a corporate leader in Spain. As with other standout companies, LCN looks to partner with our tenant-clients for the long-term. We will continue to work together with Mercadona on this portfolio while simultaneously looking to provide them with additional, real estate based, corporate financing solutions.” Paolo Rosso, Director at LCN Capital Partners added: “Located throughout Spain, these mission-critical properties are leased under an LCN-negotiated, long-term lease which provides Mercadona with operational control of the properties.”
Salvador Evangelista, a director of Mercadona’s real estate assets adds, “This is Mercadona’s first sale-leaseback, and it was a pleasure working with the professional team at LCN throughout this process, despite a worldwide pandemic. We expect that this deal will be the first of a long-term, profitable partnership with LCN”
Mercadona is a company of physical and online supermarkets, with a presence in Spain and Portugal. Currently, it has a network of more than 1,600 stores and a workforce of 90,000 employees, all of them with stable and quality employment. In 2019 Mercadona had a turnover of 25,500 million euros, 5% more than in 2018, and invested 2,200 million euros with its own resources, 46% more than in 2018.
About LCN Capital Partners
Founded in 2011 by Edward V. LaPuma and Bryan York Colwell, LCN has assets under management in excess of $3.5 billion across its three US Dollar denominated funds, and three Euro denominated funds. Headquartered in New York City, LCN also has offices in London, Amsterdam, Cologne and Luxembourg.
LCN Capital Partners is a recognized leader in the primary sale-leaseback and build-to-suit markets, where investments and leases are directly originated with corporate users of mission critical real estate. LCN delivers a long-term solution for its tenant-clients by providing a non-bank capital resource, efficient monetization of on-balance sheet real estate, continued operational control of key assets, enhanced financial metrics, and potential tax benefits. LCN’s investing partners benefit from the long-term and inflation protected distributions that it supplies. For more information, please visit: https://www.lcnpartners.com/.
Gasthalter & Co.