W. P. Carey Divests Funeral Assets in Strategic Sale to Mmora
Deal News | Jun 26, 2025 | Iberian Lawyer
Global net lease REIT W. P. Carey has completed the divestment of a portfolio comprising 26 funeral home assets back to Spanish funeral services provider Mmora. This transaction, valued at approximately €130 million, concludes a long-term sale and leaseback arrangement established in early 2022. The assets, dispersed across 13 provinces in Spain, were leased to Mmora, which was owned by the Ontario Teachers Pension Plan at the time of the original transaction. This reacquisition aligns with Mmora's strategic growth plan under the ownership of Grupo Catalana Occidente. The legal advisory on this deal was provided by Pérez-Llorca, with key partners and associates facilitating the transaction, including Alejandro Osma and José Ángel Nabal focusing on Corporate Real Estate, alongside tax advice from José Azqueta and Ignacio González del Yerro. This move significantly supports Mmora's operational infrastructure, consolidating its market position in Spain and Portugal's funeral services industry.
Sectors
- Real Estate
- Funeral Services
- Insurance
Geography
- Spain – The transaction involves assets located across multiple provinces in Spain.
- Portugal – Mmora operates in both Spain and Portugal, contributing to the geographical relevance.
Industry
- Real Estate – This transaction involves the divestment of real estate assets in the form of funeral homes.
- Funeral Services – Mmora operates in the funeral services sector, which is central to the strategic acquisition.
- Insurance – Grupo Catalana Occidente, an insurance group, is involved through its ownership of Mmora.
Financials
- 130 million – The estimated value of the divested funeral home portfolio.
- 400 million – The value of Grupo Catalana Occidente's acquisition of Mmora in February 2023.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| W. P. Carey | Selling Company (Vendor) | Company | A global net lease real estate investment trust (REIT) divesting its funeral assets. |
| Mmora | Bidding Company (Buyer) | Company | Spanish funeral service provider acquiring the divested assets. |
| Pérez-Llorca | Corporate Finance, Legal Advisor | Company | Spanish law firm that advised W. P. Carey on the transaction. |
| Grupo Catalana Occidente | Other Company | Company | Insurance group and owner of Mmora. |
| Ontario Teachers Pension Plan | Other Company | Company | Former owner of Mmora during the initial sale and leaseback arrangement. |