22 May 2017 – Expansión
CBRE Global Investors has acquired 70% of the H2O Rivas shopping centre – located in Rivas-Vaciamadrid (Madrid) – from Alpha Real Trust, which will hold onto the remaining 30% of the share capital.
The operation, which has been carried out through a joint venture, is expected to close at the end of June, after a series of conditions to which the purchase is subject have been fulfilled. As part of the agreement, Alpha Real Capital – investment manager and the main shareholder of Alpha Real Trust Limited – will continue managing the asset.
Although neither the buyer nor the seller have disclosed the amount paid in the transaction, market sources value the asset at between €150 million and €200 million. The entry of new shareholders and the recent acquisition of an additional plot of land will allow the asset to be renovated, and for the shopping centre to be expanded.
Alpha Real Trust purchased H2O Rivas from Avantis for €83 million in 2010. Since then, it has promoted the modernisation of the asset and H2O has gone from receiving 5.7 million visitors in 2010 to 7.7 million last year.
Inaugurated in 2007, the asset has a surface area of 52,000 m2 and comprises 130 stores spread over two floors. The shopping centre, which has an occupancy rate of 92%, also has an artificial lake and a garden area. Its tenants include Mercadona, H&M and seven brands from the Inditex group, including Zara.
Original story: Expansión (R.Arroyo)
Translation: Carmel Drake