18 December 2018 – Alimarket
Eroski has sold the hypermarket and gas station that it owned in the El Ingenio Shopping Centre in the Malagan town of Velez-Málaga to the property developer Sociedad Azucarera Larios Patrimonio S.L. (Salsa Patrimonio), which forms part of the Azucarera Larios group. The assets will continue to be managed by the Basque cooperative under a 25-year lease contract. The centre has belonged to Eroski, through its company Cecosa Hipermercados, since its inauguration in November 2000.
According to a statement issued by Salsa Patrimonio, the firm is going to invest €25 million in the purchase and subsequent renovation of the hypermarket, which will reduce its surface area by 35%, from 13,782 m2 to 8,816 m2. Moreover, the statement highlighted that the objective of the operation is “to strengthen El Ingenio’s position as a reference shopping centre in the western Costa del Sol”, and the renovation will contribute to improving the shopping experience of its customers.
Indeed, Eroski is one of the retailers that is backing the sale and leaseback arrangement the most. This year, it has sold six other hypermarkets in this way in the Pais Vasco and Cantabria for €105 million, and just a few days ago, it did the same with its establishment in the El Mirador Shopping Centre, in the town of Jinámar (Las Palmas de Gran Canaria).
Original story: Alimarket (by Rosa de Lera)
Translation: Carmel Drake