Belgian retail group Louis Delhaize has announced the signing of a sale & lease back transaction with Austrian real estate group Supernova for its real estate portfolio in Romania.
Under the terms of the deal, Louis Delhaize will continue to operate the six Cora hypermarkets involved in the transaction. The value of the acquisition was not disclosed.
“We made this decision after carefully evaluating the group's real estate assets in Romania and we see it as an important advantage for future local development," Cora Romania’s CEO Thierry Destailleur said.
Supernova said it would invest at least €40 million to upgrade all shopping centres and add extensions in the next 3-5 years.
Louis Delhaize Group has been managing the Cora network in Romania since 2003.
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