Thursday, September 21, 2023

Cuatrecasas advises DCR SIM on Eroski portfolio financing

Cuatrecasas has advised DRC Savills on 21 Eroski supermarkets’ portfolio financing


A series of funds advised by DRC Savills Investment Management (DRC SIM), a European investment fund advisory group, has provided financing for a portfolio of 21 Eroski supermarket assets owned by Blackbrook Capital.

According to Savills in a statement, the shops are located in urban locations with a captive consumer base in local neighbourhoods and serve both local convenience shopping and e-commerce distribution needs.

DRC SIM provided the capital for this facility from its European Real Estate Senior Debt fund series, which provides senior financing (€15 to €150 million) in the UK and Western Europe with a leverage ratio of up to 65%.

“The Spanish food retail sector remains very resilient and attractive and we believe our Eroski assets are well-positioned to support its potential and growing demand,” said Blackbrook’s managing director Jon Strang.

C&W Debt and Structured Finance acted on behalf of Blackbrook in arranging the debt, tying it to DRC SIM and overseeing the financing process through to loan closing.

DRC SIM was legally advised on the transaction by Paul Hastings (UK) and Cuatrecasas (Spain). Commercial advice was provided by Mount Street Mortgage Servicing Limited, JLL, Situs Asset Management, and Watson Laurie. Blackbrook was advised on the financing side by Cushman & Wakefield’s (C&W) EMEA debt and structured finance team.

Cuatrecasas’ team was led by partners Íñigo de Luisa, Miguel Cruz, Rebeca Rodríguez and Julio Brasa.

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