Axa Sells the Imaginalia Shopping Park For €11.5 Mn

18/07/2014 – El Economista

Shopping malls in Spain are being snapped up by investors. The most recently, fund Axa Immoselect has closed a sale of one of the biggest commercial real estate in the region of Castille – La Mancha: the Imaginalia.

The Albacete park has been sold for €11.5 million to international fund Benson Elliot, which has been present on the Spanish market since 2011.

As per the purchaser, it said it would now invest in transformation of the 45.000 square meter property to welcome properly the returning consumers.

Imaginalia was developed in 2006 by Procom and currently has got an over 75% occupancy rate among 33 tenants, such as Alcampo, Media Markt, Yelmo and Toys’R’Us. Aside, the mall offers 2.100 underground parking spaces. Each year, it is visited by four million shoppers.

The number one partner at Benson Elliot, Trish Barrigan, takes pride: “We have been the early birds on the Spanish real estate market and therefore we could rapidly react and benefit from the country´s economical improvement“.

Benson Elliot has also purchased a 5.000 square meter area inside the Cornerstone complex from Henkel.

According to Patricio Palomar, the head of Spanish branch of CBRE, the fenzy about investment in the commercial real estate unleashed last year with the “jumbo” and “prime” acquisitions, such as the Puerto Valencia or the Diagonal Mar shopping centers, as well as regional assets like the Parque Principado mall.

Year-to-date, a more than €850 million worth of commercial space has been sold. To give an example, Carrefour has bought 67 shopping arcades from Klepierre in one giant transaction solely.

According to Palomar, we are going to see another large operation closing still before the end of August as presently there are many advanced negotiations going on in the market.

Original article: El Economista (by R. Esteller & A. Brualla)

Translation: AURA REE

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