Avalon acted as Advisor on the technical Due Diligence activities of the deal
GRR GARBE Retail has completed the acquisition of a portfolio of 22 food retail assets worth 222 million euros. The deal is the first transaction of the German real estate manager in Italy and marks its entry into the European market. The Sale & Leaseback transaction regarded 7 hypermarkets and 15 supermarkets, located mainly in Emilia Romagna, with a gross GLA of 140,000 sq. m. It was completed through the Retail Partnership real estate fund managed by BNP Paribas Real Estate Investment Management Luxemburg S.A. GRR GARBE Retail Italy assisted the investors in the transaction and will continue to act as asset management advisor to the fund. Avalon (Yard Reaas Group) has worked alongside GRR GARBE in the role of Advisor for technical Due Diligence activities related to the assets. The transaction includes a new 30-year lease agreement with Coop Alleanza 3.0, Italy’s largest consumer cooperative and the third largest in Europe.