Sunday, May 20, 2007

Superquinn Completes €142 Million Sale Leaseback of Six Supermarkets in Ireland

Independent - May 18 2007

Superquinn, the grocer which was purchased by Select Retail Holdings in 2005, has raised €142.5m on a sale and leaseback deal on six stores that will fund further expansion. The company said yesterday that Friends First F&C has agreed an investment of €142.5m in the Superquinn property portfolio.

The cash investment, which is spread across several sites, has allowed a significant reduction in the debt incurred by Select Retail Holdings in the purchase of Superquinn. Select Retail Holdings said this is an important step in enabling the substantial expansion planned for the Superquinn business over the next three years. Superquinn plans to refurbish five more sites and to open three new stores, at a cost of €60m for the year ending April 2008.

Superquinn was founded in 1960 by Feargal Quinn and family. The company currently has 21 stores. In 2005, the company was purchased by Irish consortium Select Retail Holdings, for €420m. Sphere: Related Content

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