Europe Real Estate - December 14, 2006
JER Partners (“JER”) has acquired an Italian portfolio of five retail showrooms from Mete SpA (Mete), Italy’s fifth largest household furniture retailer for €39 million in a sale-leaseback transaction for 12 years. The portfolio, which is located throughout Italy, comprises approximately 30,000 m² of mainly retail space. JER has also agreed in principle to acquire further retail assets, including broader retail schemes, currently controlled by Mete.
Vittorio Bozzolini, Managing Director of Mete, said: "Mete's agreement with JER will allow us to continue to exploit our capabilities in the real estate sector together with JER whilst releasing capital to our core furniture retailing business".
Mete typically sources well-located, industrial type assets that are coming out of distressed situations, then applies for a change of zoning use to retail and refurbishes the assets. The properties are available to buy once permission to change the zoning has been granted.
The acquisition was financed by Unicredit Banca d'Impresa. JER was assisted in technical aspects by Abaco Consulting and by Gianni, Origoni, Grippo and Partners as legal counsel.
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