7 May 2015 – Expansión
The Carbó, Botet and Elías families, i.e. the former owners of the supermarket chain Caprabo, have decided to cash in (some of) the real estate assets they own through their investment vehicle Caboel.
This company was created by Caprabo’s three founding families in 1986, in order to manage the real estate assets owned by the supermarket chain. The Carbó family and its partners excluded the retail premises, warehouses and other properties from the transaction when they sold the company to Eroski in 2007.
Now, Caboel has put a batch of 33 supermarkets up for sale (around a third of the total number they own), most of which are located in Barcelona and its metropolitan area, with a total surface area of 88,410 square metres. The portfolio, known as Blue Box, contains properties that generate annual rental income of €6.93 million.
All of the premises continue to be leased to Caprabo, under long-term contracts (the majority expire on 31 December 2028 and at the end of 2033). The 33 properties include shops measuring just over 500 square metres and one store measuring 18,500 square metres in El Masnou. In addition to the retail space, the properties up for sale include more than 3,000 parking spaces.
Caboel has engaged the consultant CBRE to manage the sale. This lot has generated a lot of interest in the market, due to its “unique” nature. Possible buyers include several Socimis, the real estate division of Generali, Zaphir and Drago Capital, said sources close to the process. Bids (are expected to) amount to around €100 million, explain market sources.
It is expected that binding offers will be received within the next few weeks and that transaction will close before the summer.
Original story: Expansión (by R. Ruiz)
Translation: Carmel Drake