Othrys completes the sale and leaseback of 4 Cora hypermarkets with the Louis Delhaize group. Conducted on behalf of Barings, the transaction allows the US fund to open up to a new asset class in France: trading.
In detail, the four hypermarkets are located in Metz, Mulhouse, Évian and Quincy-sous-Sénart. The assets represent more than 85,000 m² of rental space on a land footprint of approximately 400,000 m² – including car parks and gas stations. The whole generates an annual rental income of € 5 million rent per year with leases of 12 years firm and is valued below € 100m.
The quality of this portfolio, coupled with the long-term commitment of the brand justify this investment. Moreover, significant land reserves represent an opportunity to develop mixed urban operations in the medium or long term.
«We are convinced that the food trade will remain an attractive product for investors, especially in the current inflationary context», Guillaume Bieganski, managing director & head of French real estate of Barings.