COMMENT

Realty investors eye supermarket buildings

NIKOS ROUSSANOGLOU

Grivalia Properties has acquired a portfolio of 16 former Carrefour supermarket properties.

TAGS: Property, Business

Real estate investment 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 supermarkets) 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.

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