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Sagax Sells 36 Properties to Transgourmet for €180 Million, Equivalent to a Premium of 9%

The buyer previously occupied the assets as the tenant and, through this operation, now controls more than half of the 70 GM Cash establishments spread over ten autonomous regions.

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The logistics sector is ending the year in style in Spain. Transgourmet Ibérica, the food distribution company belonging to the Swiss group Coop, has reached an agreement to buy the properties of half of its GM Cash centres, its cash&carry brand, from the Swedish investment firm Sagax Real Estate. The portfolio comprises a series of historical GM Cash stores that Transgourmet occupied as a tenant until now. The selling Socimi has informed Euronext, where it is listed, that the operation consists of 36 properties in total in exchange for 180 million euros.

Together the properties span a leasable area of 163,000 square metres and the average remaining lease term is 2.8 years, with forecast rental income of 11.8 million euros for the next year.

Read the full article in Spanish.

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