InvestiRE SGR and LCN complete the first sale and leaseback transaction with Leroy Merlin

Through an Italian Real Estate Fund managed by InvestiRE SGR, LCN Capital Partners successfully closed on the acquisition of a portfolio of big-box stores in a sale and leaseback transaction with Leroy Merlin.  Located near some of Italy’s major cities, these mission-critical properties are leased under a new, long-term rental contract, providing Leroy Merlin the continued benefits of operating their stores.

 

 “With its first sale and leaseback transaction in Italy, LCN is spearheading a new wave of capital efficiency proving real estate can used as an efficient non-bank source of financing for Italian companies”, said Dario Valentino, CEO of InvestiRE SGR.

 

Edward V. LaPuma, Co-Founder and Managing Partner of LCN Capital Partners added, “LCN is proud to have completed this transaction with Leroy Merlin, a market leader in the European do-it-yourself industry.  Importantly, we like to partner with our tenant-clients for the long-term, and we will continue to work together with Leroy Merlin to provide them with long-term, real estate based, corporate financing solutions.”

 

Massimo Veronesi, Real Estate Director of Leroy Merlin said, “This is Leroy Merlin’s first sale-leaseback in Italy, and it was a pleasure working with the professional teams at LCN and InvestiRE throughout this process. We hope that this deal being the first of a profitable partnership with LCN.”

 

Natixis SA - Milan Branch acted as the lead arranger and lender. The legal advisors were Dentons on the buy-side, Bird & Bird on the sell-side, and Chiomenti, assisting the bank.