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DIA Pays €146 Mn For 160 Stores of Eroski

Posted by: In: Real Estate 06 Nov 2014 Comments: 0 Tags: , , , , , , , , , , ,

6/11/2014 – El Mundo

Food and grocery store chain DIA has purchased 160 establishments from another food network Eroski. The shops operate under the trademarks of Eroski Center, Eroski City and Caprabo and they are located mostly within the Community of Madrid region. DIA sealed the transaction in cash, putting €146 million for the entire package.

The sale will have no impact on the employees as their contracts will be subrogated by the new manager, Eroski told the National Stock Exchange Commission (CNMV).

In 2013, total revenues from the 160 supermarkets amounted to €487 million.

The purchase allows DIA to empower on the Iberian market and fix its market share at 9.5%. In the capital, it holds 9.8% and advances from the fourth to the second position in terms of sales.

In turn, Eroski will intend the proceeds from the sale for trimming its liabilities and improving overall profitability thanks to separation of underperforming assets.

Although the portfolio Grupo Eroski lost on weight, the chain still owns 90 hipermarkets, 831 supermarkets and 448 retail franchises all over the country.

Apart from Madrid’s Community, the stores are found in the regions of Andalusia, Extremadura, Castille – Leon and Castille – La Mancha. Of the 160 establishments, 152 are rented and 8 owned.

Original article: El Mundo

Translation: AURA REE

The post DIA Pays €146 Mn For 160 Stores of Eroski appeared first on Aura Real Estate Experts.

Source: AURA Real Estate Experts


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