retail-shopping-centers Market News: Spanish Real Estate Intelligence

12 April 2019 - Expansión

Allianz is going to be the new owner of the Castellana 200 office and retail complex located just a stone’s throw from Plaza Castilla in Madrid. The Socimi Silvercode, in which the Canadian pension fund manager PSP and Drago Capital both hold stakes, is going to sell the property to Allianz Real Estate for €250 million, five years after buying it from Reyal Urbis for €144 million.

The complex, which was developed by Reyal Urbis in 2009, comprises 20,295 m2 of office space, 6,415 m2 for commercial use and 844 parking spaces. It has additional buildability of 14,000 m2 for a hotel or residential project, which is currently suspended, although that space is excluded from the operation. Castellana 200 is currently managed by Drago Capital.

Original story: Expansión (by R. A.)

Translation/Summary: Carmel Drake

11 April 2019 - Idealista

The US fund Marathon has put the Bahía Azul shopping centre in Málaga up for sale for an asking price of between €25 million and €30 million.

Marathon has owned the centre since 2016, when it acquired it for €18.5 million, and has appointed Savills-Aguirre Newman to manage the sale, which will begin after Easter.

Bahía Azul, which was inaugurated in November 2008, has a surface area of 13,827 m2, divided into four retail spaces, plus a 9,445 m2 underground parking lot. It is located opposite Guadalmar in the same complex as Ikea, and is home to high-profile brands including Worten, Conforama, Schmidt, Prenatal, McDonald's, Visionlab, Carrión and Maisons du Monde.

Marathon Asset Management has headquarters in New York, London and Singapore. It is one of the minority shareholders of the property developer Vía Célere, which is controlled (75%) by Värde.

Original story: Idealista (by Custodio Pareja)

Translation/Summary: Carmel Drake