Tristan Capital Partners-managed fund CCP 5 L.L has bought a 50,044 sqm real estate portfolio of six Casino grocery stores in France from a JV with Fortress and Casino Immobilier for €71.8m.
The deal includes four leading hypermarkets in the country and two supermarkets located along the Mediterranean coast.
According to Tristan, the portfolio offers a strong, secure income flow and a long WALB.
Through Tristan’s ‘Manage to ESG Strategy’ coupled with ‘CAP’ initiative – Casino Acting for the Planet – the environmental performance of the assets will be enhanced with a specific focus to manage waste and reduce energy consumption.
F&A Asset Management will act as the operating partner for the portfolio.
Thibault Ancely, Managing Director – Investments at Tristan Capital Partners, said: “This portfolio acquisition delivers well-located high income producing assets from day one. The grocery market has shown itself to be a resilient asset class and is benefitting from increased institutional capital investment. We expect to see continued demand for these assets as demonstrated by our recent sale of a Casino hypermarket in Pessac. This latest acquisition is in line with our strategy to build out our portfolio in France across office, logistics and retail where we see value creation opportunities.”
Maxime Forgeot, Founder at F&A Asset Management, added: “This off-market transaction executed in a very short timeframe to meet the vendors expectations is testament to the quality of our relationship with the Tristan team and we look forward to working together to further develop our food anchored retail portfolio.”