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Crossbay Acquires Condis’ Montcada i Reixac Logistics Centre for 65 Million Euros

Condis will continue as the tenant at the warehouse acquired by Crossbay in a sale & leaseback deal.

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Crossbay, a vehicle used by the British fund Mark to invest in European countries, acquired through a related company, the Condis supermarket chain’s logistics centre in Montcada i Reixac (Barcelona) for around 65 million euros, according to La Vanguardia.

Condis will continue as the tenant of the warehouse, which has a surface area of 40,000 m2, as it is a sale & leaseback agreement.

It so happens that the warehouse was not owned by the company until yesterday but was occupied under a leasing agreement. This Thursday, the supermarket chain bought it from the banks and sold it hours later, bringing in a profit of around 20 million euros.

In turn, the Catalan Condal family, which until yesterday also owned Condis, bought eight of the company’s establishments, which have been leased to the supermarket chain for years.

Read the full article in Spanish

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