LCN Capital Partners, a recognized leader in the primary sale-leaseback and build-to-suit market, has reached an agreement to acquire 49 retail real estate assets in Portugal making it one of the largest private owners of supermarket assets in Iberia.
The portfolio was acquired from Trei Real Estate GmbH, an international developer and asset manager based in Düsseldorf, Germany active in residential and retail real estate. The transaction closed on January 31, 2023.
Edward LaPuma, Co-Founder and Managing Partner of LCN Capital Partners, commented: “We have been growing our sale-leaseback and build-to-suit portfolio across Europe over the last decade. We believe this portfolio is a great addition to our latest European Fund and highlights our ability to partner with our tenant-clients, like Pingo Doce, to help them grow and meet their goals. After closing on this investment, LCN will be one of Europe’s largest private grocery store owners. I want to thank the team and the respective advisors who were able to close this transaction. Moreover, we want to welcome Pingo Doce as one of our important tenant-clients and look forward to working with them.”
The acquired retail property portfolio includes a total lettable area of around 70,000 square metres. Of the 49 total properties acquired, 44 properties are let to Pingo Doce, the second-largest supermarket chain in Portugal. The other retail properties are occupied by the supermarket chains Continente and Minipreço.
In addition to the storefronts just bought in Portugal, LCN has acquired a series of high quality, mission critical, top-performing, and sizeable supermarket portfolios including Mercadona in Spain, Fortenova in Croatia, Continente Sonae in Portugal, and Auchan in Poland. LCN has deployed over €700 million into grocery/food retail investments across Europe.
“Over the past several years, we have fostered the expansion of our portfolio and partnered with major grocery operators to support them with our long-term oriented capital and acquired their critical assets in tailormade sale-leaseback transactions,” said Paolo Rosso, Partner at LCN Capital Partners. “We will continue being a reliable business partner to our tenant-clients throughout cycles and evaluate new partnerships in the grocery market as well as other industries with respect to corporates’ critical assets in Europe and Northern America,” he added.
Carlos Vieira Neto, Vice President at LCN Capital Partners added: “We are very pleased to have completed this acquisition after an exceptionally competitive process in changing market conditions. We have proved once again that our local knowledge together with our execution capabilities make us a reliable partner for vendors and tenants alike.”
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.
About LCN Capital Partners
Founded in 2011 by Edward V. LaPuma and Bryan York Colwell, LCN now manages nearly $7 billion in assets across several funds denominated in US Dollars, Euros, and Pounds Sterling. Headquartered in New York City, LCN also has offices in Amsterdam, Cologne, London, Luxembourg, and Palm Beach.
LCN is a recognized leader in the sale-leaseback and build-to-suit market, having completed over 100 investments, acquiring properties in 16 countries across North America and Europe. LCN’s investment team has extensive experience dealing with sale-leasebacks across all industries, credit ratings, property types, and locations. The firm seeks to deliver consistent distributions to investing-partners while providing an alternative capital source to corporate owners of real estate.
For more information, please visit: https://www.LCNpartners.com/.
