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Baupost, GreenOak & Grupo Lar Buy 8 Shopping Centers in Spain

13/02/2014 – Cinco Días

Dutch real estate company, Vastned, announced yesterday putting on sale eight shopping malls in Spain at price of €160 million. The amount was paid by Baupost, GreenOak Real Estate and the Spanish developer Grupo Lar. According to a person with knowledge of the operation, the hedge fund Baupost led at the sales. The U.S. company bought 1.000 properties from BBVA in September last year.

The acquired shopping centers are found in Madrid Sur, Madrid Las Rosas, La Rosaleda in Málaga or Vistahermosa in Alicante. The lot is worth €160 million, however a discount has been applied at the moment of purchase. Specifically, in 2012, Madrid Sur was valued at €55.4 million, Las Rosas one, also in Madrid, at €42.8 million and the one in Málaga, La Rosaleda, at €40.2 million. In total, the shopping malls cover 133.500 square meter space with mean occupancy rate of 84.5%. (…).

The Dutch group admitted having put the lot on sale in attempt to reduce its €130 million debt. (…) What is more, Vastned claims that shopping centers are in excess in Spain.

Original article: Cinco Días (Alberto Ortín Ramón)

Translation: AURA REE