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.