Have you €50 million to spare?

Photo © TWM

Two Tipperary supermarkets are for sale as part of a portfolio of four stores with a price tag of nearly €50 million.

They were developed by an Israeli property tycoon who has now decided to move them on.

The two Tesco and two Aldi stores have a combined annual rental income of €3.41 million.

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The Aldi stores are in Cahir and Sandyford while the Tesco branches are in Roscrea and Gorey.

The Roscrea outlet – which covers 46,000 square feet and has parking for 224 cars – is on a 35 year lease which started in 2011.

The current rent there is €950,000 a year.

Aldi has been renting the building in Cahir since 2010 – it’s a 25 year lease bringing in rent of over €288,000 per annum.

The portfolio is owned by Israeli property tycoon Igal Ahouvi who funded supermarket expansion at the height of the financial crisis in 2010.

He has decided to sell on the four properties and is understood to be looking for fresh opportunities in the Irish property market.

The sale of the supermarket portfolio is being handled by Dublin based TWM who say offers for a combination of assets would be accepted as they did not have to sell as a single package

Mister Ahouvi has more than €3 billion worth of real estate in Israel, Europe and Vietnam.