The deal of the year in Romanian real-estate retail comes from Louis Delhaize and Galimmo Groups, owners of Cora hypermarkets and galleries, who performed the sale & lease back of 6 cora commercial centers located in Romania to the Austrian company Supernova.
The decision to further operate the hypermarkets in the same locations as tenants, combined with Supernova’s commitment to invest in developing the shopping centres, marks a natural step forward for cora in Romania. This partnership provides cora with a great opportunity to operate even more efficiently its hypermarket network and to develop its commercial footprint.
act Botezatu Estrade Partners team was led by M&A Partner Laura Estrade and Real Estate Partner Mihaela Poșircă and included Counsels Iustina Sima and Andrei Mureșan, Senior Associates Ruxandra Liștea and Alexandru Dan, Associate Lorena Samoilă and Paralegal Andreea Modreanu.
The team assisted the sellers, Louis Delhaize and Galimmo Groups, in all phases of the transaction, including setting up the Data Room, structuring the transaction, drafting and negotiating the M&A contractual documentation and the hypermarkets long term lease agreements. The team also coordinated the Dutch law aspects, assisted by their colleagues at act Fort, the Dutch office of act legal.
Supernova Group was assisted by bpv GRIGORESCU ȘTEFĂNICĂ.
The acquisition was financed partially by a consortium of 4 banks – Erste Bank AG, Raiffeisen Bank International, Raiffeisen Bank Romania and BCR, advised by Dentons.
“I’d like to thank Mihaela, Laura and the entire team at act Botezatu Estrade Partners for their assistance in this transaction! Retaining their services for this project was the best decision. We were accompanied by one of the most competent, professional, resourceful and responsive teams I have worked with. They pushed the transaction forward and have worked tirelessly and gracefully for closing the deal; and for that we are very grateful!” stated Josselin Granier, Head of Real Estate, Louis Delhaize Group.
“This project holds a special place for us – it was both complex and rewarding. A new chapter has opened up for cora and we are thrilled have been able to assist our client in joining forces with a top-notch partner like Supernova. We are sure this collaboration will prove to be an important leverage for further local development of the already excellent services cora provides to its customers!” – said Mihaela Poșircă, Partner and Head of the Real Estate practice.
“All our appreciation to Louis Delhaize and Galimmo Groups for their trust and the wonderful collaboration between our teams in the largest M&A Real Estate deal in the retail sector in Romania this year! We are very happy for the opportunity that this deal brings for our client’s development in Romania” stated Laura Estrade, Partner and Head of the M&A practice.
About act Botezatu Estrade Partners
act legal acts as a one-stop shop, offering cross-border regional full-service legal support to companies and investors that intend to do business in or already have a footprint in continental Europe.
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