Wednesday, December 26, 2007

Metro Completes EUR 243 Million Sale leaseback of 12 Hypermarkets in Germany

Property Week - December 23, 2007

Israeli investor Delek Real Estate has bought a chain of retail properties in Germany from retailer Metro for (£176m).

Delek Real Estate is carrying out the German purchase through its sub-subsidiary Delek Global Real Estate, which is listed on AIM. The company is also seeking a partner to take a 20% stake in the deal.

Delek Global is buying 12 hypermarkets located on the outskirts of towns, mainly in the Rhine-Main area around Frankfurt. Ten of the hypermarkets were formerly owned by Wal-Mart and converted into the Real format. Real is the largest hypermarket group in Germany.

The purchase is being financed by non recourse debt of E230m (£167m) and the rest in cash. The gross rental income is E16.05m (£11.6m) a year. Sphere: Related Content

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