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

Allianz Acquires the Castellana 200 Complex for €250M

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

 
Marathon Puts the Bahía Azul Shopping Centre in Málaga up for Sale for c. €30M

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

 
CorpFin Completes €10M Capital Increase for Inbest

8 April 2019 - Eje Prime

The Spanish fund manager CorpFin has completed a capital increase amounting to more than €10 million in Inbest Prime III Inmuebles and Inbest Prime I Inmuebles, two of its four vehicles specialising in retail.

Specifically, Inbest Prime III Inmuebles increased its capital by €2.33 million, taking the total subscribed amount to €12 million. Meanwhile, Inbest Prime I Inmuebles increased its capital by €8.22 million, resulting in a total subscribed amount of €25 million.

This latest injection of funding follows more than ten capital increases that the firm led by Ana Granado has carried out in recent months.

Corpfin launched Inbest Real Estate in April 2018 with the aim of investing in high street buildings and converting them into flagship stores. Inbest channels its investments through four vehicles, Inbest Prime I, II, III and IV, which will debut on the Alternative Investment Market (MAB) in September 2019.

The funds’ largest operation to date was its purchase of the retail premises in Edificio España last year, on which it spent €160 million.

Original story: Eje Prime (by I. P. G.)

Translation/Summary: Carmel Drake