Batipart, alongside Covéa, has acquired a pan-European portfolio of real estate assets in the form of a sale and leaseback from the Adeo group for more than €500 million.
Adeo, the leading international player in home improvement and DIY retail, mainly under the Leroy Merlin, Bricoman, Weldom and Aki brands, with a turnover of more than €23 billion, will retain 20% of the structure newly created for this acquisition.
The portfolio, comprising 42 assets in four countries (France, Spain, Italy and Portugal), is fully leased to Leroy Merlin and Bricoman and represents a total surface area of more than 400,000 m² secured by long-term leases.
This complex transaction, involving several countries, is the result of a year of work between the Adeo and Batipart teams and was successfully completed despite the difficult context of recent months.
Convinced by the fundamentals of the DIY retail sector and the performance of the Adeo group’s model, which has proven particularly resilient during the health crisis, Batipart has entered into this strategic partnership to accelerate its diversification in Europe.
Batipart is already present in several real estate sectors, including offices, hotels, housing, leisure and healthcare, and this portfolio complements the assets managed by the Group.
Confirming its expertise in the acquisition and management of complex portfolios, the Batipart group will manage the acquired assets through its teams based in Luxembourg, Paris,
Toulouse, Madrid and Milan, and reiterates its commitment to continuing its real estate development.
Nicolas Ruggieri, Chairman of Batipart Immobilier Europe, said: ‘This transaction marks a new stage in the development of our real estate portfolio in Europe. Our teams will now be able to work with Adeo and its brands to manage these assets in the best possible way over the long term, a shared and important perspective for both our groups.’
In this transaction, Batipart was advised by the notary firm Cheuvreux, the law firms De Pardieu Brocas Maffei and Elvinger Hoss Prussen. Adeo was advised by the law firm Wargny-Katz, the law firms Gide Loyrette Nouel, Arendt & Medernach and Herbert Smith Freehills, and supported by Natixis Partners Real Estate.
