EROSKI carries out its hypermarket activity on a lease basis under agreements whose main terms will remain in effect have been sold to the specialist asset manager ICG. The transaction includes five properties owned by the real estate company Armuco S.L., in which EROSKI holds a 45% stake, as well as another real estate asset which is fully owned by EROSKI.
This operation has enabled EROSKI to recover the financial investment it had made in the real estate company Armuco. This operation is framed within the divestment in non-strategic assets which EROSKI has been carrying out in recent years.
EROSKI’s chief financial officer, Jose Ramón Anduaga, has a very positive view of the operation at a time in which the real estate market in Spain has regained the interest of investors. “It is an operation which boosts our transformation towards a more competitive company with a greater focus on our strengths”, Anduaga concluded.
EROSKI has fulfilled all its commitments with financial institutions and during the last three years it has repaid debt for a total of 646 million Euros. At present it is negotiating the amount of 1,566 million Euros with banks so as to keep reducing its financial deleverage at a pace in keeping with the generation of resources and the investments. At the beginning of the crisis, the debt with financial institutions exceeded 3,800 million Euros.