25 March 2015 – El Confidencial
Today (Wednesday), CBRE Global Investors will formalise its purchase of Airesur from the Lar Group for €75 million. In addition, it expects to invest a further €10 million in repositioning and expanding the shopping centre located (on the outskirts of the city of) Sevilla.
New first class transaction in the real estate sector. CBRE Global Investors, the international real estate asset manager, has reached an agreement with the Lar Group to purchase the Airesur shopping centre, the largest in Sevilla. Airesur has a surface area of 37,283 square metres and is located next to the only store that IKEA has, for the moment, in the Andalusian capital.
The definitive transfer of this asset is expected to take place today, after a busy process led by JLL, which also involved several international funds, according to sources familiar with the process. Despite the high level of interest, the complex financial structure hiding behind Airesur, coupled with the need to undertake additional investments to expand and reposition the centre, tipped the scale in favour of CBRE GI, which not only has the financial muscle (require for a transaction of this size), but also has more than 20 years of experience in the management of real estate assets.
After a lengthy due diligence process (internal audit), a price of around €75 million has been agreed, which is close to the latest official valuation completed by Savills (€77.5 million), as at the end of 2014. Nevertheless, it is long way off of the €102.5 million that Lar paid when it acquired the shopping centre in the summer of 2006, in conjunction with Morgan Stanley’s private bank (which today forms part of Caixabank).
Original story: El Confidencial (by Ruth Ugalde)
Translation: Carmel Drake