Realty investors eye supermarkets
Real estateinvestment companies have spent a total of 186 million euros since early 2015 on acquiring properties that host supermarkets.
Such properties are prime targets for investment firms, especially large spaces in popular locations with a high commercial value. The recent concentration in the supermarket sector has increased this activity for property investment companies, particularly for the top-quality tier where investment opportunities have increased.
The most recent investment in such properties was made by Ethniki Pangaea, which acquired five commercial assets (mainly super- markets) totaling 87,000 square meters for 71 million euros.
“These properties offer excellent returns even in a period of economic crisis, as the leaseholders are not easily hurt by the recession,” explains Aris Karytinos, chief executive at Ethniki Pangaea.
Grivalia Properties has this year acquired a portfolio of 16 former Carrefour stores for 16.2 million euros through a tender. Grivalia CEO Giorgos Chrysikos comments that these properties have proven adequately resistant to the crisis, adding that some are unique in that it is unlikely a rival building would be constructed in their area.
Grivalia Properties has acquired a portfolio of 16 former Carrefour supermarket properties.