Batipart completes €200M retail Sale & Leaseback in Iberia

Photo of Charles Ruggieri from Paperjam.

Founded in 1988 by Charles Ruggieri, Batipart has completed the acquisition of 15 retail assets in Portugal and Spain for more than €200 million from international group Adeo.

As per the terms of the sale&lease back deal the vendor, Adeo, «will retain 20% of the newly created structure for this acquisition«. Batipart has bought the portfolio in partnership with Covea and the tenant will continue to be group Adeo.

The properties are part of a pan-European deal estimated at €500 million euro, which includes a total of 42 assets. The other 27 units are spread across France and Italy and the portfolio has a total GLA of c. 400.000 sqm leased to (DIY) brands such as Leroy Merlin & Bricoman.

According to Nicolas Ruggieri of Batipart, «this deal constitutes a milestone in the expansion of our property portfolio in Europe», and is the result of more than one year of negotiations. The deal has been closed despìte the «difficult context» of the COVID19 signalling to a growing interest in retail assets on behalf of investors.

Raphaël Andrieu and Benoît Herault, co-directors at Batipart in Spain have stated that «this acquisition shows Batipart’s ability to adapt in Spain where it has been since 2015 and where it owns other investment vehicles: REIT Elaia Investment España and the long-term vehicle from Lagune». With this operation, Batipart’s portfolio in Spain rose to €500 million.

«Our teams will from now on be able to work with Adeo and its brands to manage these assets in the best possible way in the long term, which is a shared and important perspective for both our groups», added Nicolas Ruggieri.

Batipart was advised by Cheuvreux, law firms De Pardieu Brocas Maffei and Elvinger Hoss Prussen whilst Adeo was advised by Wargny-Katz and law firms Gide Loyrette Nouel, Arendt & Medernach and Herbert Smith Freehills assisted by Natixis.