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

Deka Sells Eleven of the Stores it Acquired from Inditex for €105 Million

Deka Sells Eleven of the Stores it Acquired from Inditex for €105 Million
14 October 2019 – The German investment fund Deka has sold eleven of the stores it acquired from Inditex for a total of 105 million euros. The firm stated that the sale was intended to “cover expenses” since the sales price was already 5% higher than Deka had paid for the assets. Although Deka had initially intended to find a single buyer, the firm ended up selling the assets to an array of mainly local investors.  Deka sold assets located in Albacete, Palma, Sevilla, San Sebastián, Ciudad Real, Zamora, Fuengirola and Lisbon. The firm is also finalising the sale of a store in Córdoba. Original Story: Eje Prime - Marc Vidal Ordeig Adaptation/Translation: Richard D. K. Turner
 
Spanish Real Estate Sector Strong Despite Political Risk

Spanish Real Estate Sector Strong Despite Political Risk
9 October 2019 – By the end of this year, Spain will have had four elections in as many years. While it doesn’t reach anywhere near the level of Italy, which has had 45 governments since World War II, the uncertainty would normally be expected to impact growth.  In addition, Catalunya’s independence movement did, in fact, have a temporary, but major impact on growth in Barcelona. Nevertheless, market sources say that major real estate players have learned to live with some level of political risk.  And things are not just complicated in Spain.  The United Kingdom is going through the long, drawn-out and self-inflicted trauma of Brexit. Italy is still having its usual political problems and the United States are going through the never-ending turbulence of having Donald Trump as their president. Spain, in terms of economic and legal stability, is still seen as a relatively safe harbour, especially, since all of the main Spanish political parties are committed to remaining in the eurozone. Original Story: Cinco Dias - Alfonso Simón Ruiz Adaptation/Translation: Richard D. K. Turner
 
UBS Acquires The Outlet Stores in San Vicente for €34 Million

UBS Acquires The Outlet Stores in San Vicente for €34 Million
8 October 2019 – Savills Investment Management announced that it had sold The Outlet Stores shopping centre in San Vicente, Alicante, to a fund controlled by UBS for approximately 34 million euros. The Outlet Stores complex is located next to the campus of the University of Alicante. ING Real Estate Development built the centre in 2004 and subsequently sold it to Savills Investment in 2013. The firm invested in an expansion, and it currently has a gross leasable area of ​​about 35,000 meters and an occupancy rate of almost 100%. The Outlet Stores has tenants including Mango, Guess, El Corte Inglés, Nike and Puma, along with restaurants, cinemas, a gym, bowling alley and a Carrefour supermarket. Original Story: Diário Información - David Navarro Adaptation/Translation: Richard D. K. Turner    
 
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