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Lar Espana sells 22 supermarkets

Lar Espana sells 22 supermarkets – Lar España has sold 22 commercial premises leased to Eroski to European real estate investment fund Blackbrook Capital. The 22 supermarkets cover an approximate area of 39,000 square meters (28,000 of gross lettable space). The price is €59 million, which represents an uplift of 24% over the €47.6 million that the company paid for the properties in March 2017, and 2.2% above the last valuation of the assets in June 2020.

The premises are leased to Eroski for an average of 10 years and are located in areas where the operator has a high market share.

The sale will allow Lar España to increase liquidity and cash strength, a strategic priority for the company. In its latest earnings report for the first nine months of 2020, the company reported leverage of 41% of asset value, with an average cost of 2.2%, of which 100% was fixed rate and with no significant maturities in the coming months. The cash position was around €140 million, a figure that would allow the company to meet all its expenses, including financial ones, over the next four years. After the disposal, Lar España will have close to €200 million of available liquidity.

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