SALE & LEASE BACK TOP RETAIL OPERATOR (13,325 M2)

Description

Off-market sale and leaseback opportunity on a 13,325 m² retail warehouse located at Avenida Enrique Gimeno 101 in Castellón de la Plana. The asset is occupied by Leroy Merlin, the French multinational of the Adeo Group specialising in DIY, construction, decoration and gardening, present in 13 countries with 120 stores and more than 18,000 employees in Spain. Although the property is not officially on the market, the company has launched a process to channel the transaction as part of its real estate divestment strategy aimed at strengthening its expansion in Europe. The expected net yield is 5.50%, with a 30-year lease starting upon signature of the sale and leaseback, a 7-year mandatory period with 1 year's notice, an annual rent of €1,100,000, and community charges and property tax (IBI) borne by the tenant. A very solid product, with a top-tier tenant, in a strategic area with excellent connections and visibility.