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Lar España sells 22 Eroski supermarkets to Blackbrook


Blackbrook Capital (Blackbrook), a European independent real estate investment firm focusing on mission-critical commercial property, has acquired a portfolio of 22 convenience grocery stores in Spain from public real estate company Lar España.Lar España has been advised by Cushman & Wakefield.

The supermarkets are subject to long-term triple-net leases with Eroski, the third-largest grocery retailer in Spain and the dominant market leader in northern Spain and the Balearic Islands (among the wealthiest regions in Spain). The portfolio totals approximately 39,000 sqm of leasable area.

Eroski operates as a co-operative with more than 1.2 million customer and employee members. It is a key component of Mondragón Corporation, the largest co-operative in the world with interests in finance, industry, retail, and knowledge. Eroski is also a member of the largest purchasing alliance in Europe, with over €140 billion of global turnover. In its financial year ending 31 January 2020, Eroski generated turnover of over €5.2 billion.  

The 22 supermarkets are generally located in densely populated residential areas that should display resilience to future trends towards online food sales, having a captive consumer base from local neighbourhoods, and supporting omnichannel distribution with Eroski’s rapidly developing online platform. Eroski has been ranked as the leading online supermarket in Spain for the past three years. Deep infill and developed micro-locations combined with strict planning regulations support long-term asset value preservation.



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