Colliers International has advised the Valencian family business Family Cash, led by José and Carles Canet, on the sale of a portfolio of 7 hypermarkets located in the regions of Valencia and Murcia, to a pan european investment fund.
The assets are located in the municipalities of Xátiva, Ontinyent, Gandía, Museros (Valencia), Vinaroz (Castellón), Alcoy (Alicante) and Molina de Segura (Murcia) and have a total GLA of 54,300 sqm and about 3,150 car spaces. Currently all of them are open to the public.
“The transaction, in which we have acted as financial and real estate advisors to the seller, has been structured under the Sale & Leaseback scheme in which Family Cash will remain as the lessee for a period of 30 years. We are particularly satisfied with the closing of deal, bearing in mind the complexity of the current circumstances, those of the transaction itself and the number of the involved assets. It is a process that we have started and concluded in only three months.” – Rafael Paz says, Director of Colliers Valencia and responsible of this transaction.
Jose Canet, Managing Director of Family Cash, points out that “with this significant injection of resources the group will consolidate the opening of 8 stores in 2020, which will create 680 jobs generating an estimated turnover of about 300 million euros, and another 8 stores in 2021, which will employ another 700 workers."
“Once again the business network of Mediterranean Arc shows its enterprising capacity and the institutional funds bear it in mind in their investment plans. The geographical capillarity of Colliers allows us to be close to our client through the offices such as the one in Valencia and advise on the financial transactions beyond the real estate markets of Madrid and Barcelona” - Germán Fernández concludes, Managing Director of Colliers Barcelona.
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About Colliers International Spain
In Spain, Colliers International is synonymous with real estate and hotel sector specialisation and knowledge.
It offers advice in: Corporate Finance; Capital Markets; Hotels; Residential Sales Advisory; Valuation & Consulting; and REMS & Technical Services. These services are provided with the client proximity of a local firm and the capabilities of a global leader, through a network that extends across 68 countries.
Our clients are national and international investment funds, REITs, financial institutions, large corporations, hotel operators and real estate development and investment companies that value our knowledge, experience, reliability and commitment.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors.
For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment..