CBRE at the Verge of Selling Four Shopping Centers for €400 Million

17/03/2014 – ExpansionPro

Investment trust CBRE Global Investors preps for selling four shopping malls in Spain. The properties, situated in Vigo, Vitoria and two other in Madrid belong to the ING Real Estate portfolio bought by the trust in 2011.

Sale of the portfolio would allow its liquidation. Also, a shopping center Urbil in Gipuzkoa and a half of the Parque Principado in Asturias have been included therein. (…).

One of the four properties for sale, the Gran Vía center in Vigo is the closest to changing hands. It is said that its owners are negotiating the acquisition with Oaktree and the price could reach more than €100 million.

CBRE received plenty of binding offers for the El Boulevard mall in Vitoria and out of these the trust will choose one or two for the final bidding. This transaction may also exceed €100 million.

The two other centers put up for sale are the Alcalá Magna and the Moraleja Green, both found in Madrid. In the first case, asking price may reach €70 million, while in the other about €90 million, because even though the mall is smaller, its offer is far more attractive for an investor.

Altogether, the sale of the four establishments may bring between €400 and €450 million gains to CBRE. (…).

In 2013, €3.800 million were spent on real estate assets in Spain (…). Among them, the greatest transactions conducted by CBRE were the sale of the Parque Principado to Into Properties for €162 million and the 50% of the Puerto Valencia sold to Orion Capital Partners for €145 million.

The properties:

Gran Vía in Vigo: trading area of 41.000 square meters, out of which 12.000 sqm are occupied by Carrefour. 1.740 parking spaces.

El Boulevard in Vitoria: opened in November 2003, renting space of 85.000 sqm. 17.500 sqm taken by Eroski chain, 8.281 sqm by Leroy Merlin and 5.175 by Media Markt.

Alcalá Magna in Madrid: situated in Alcalá de Henares, a small-size center of 31.165 square meters. Establishment mix: 83% shops and 17% entertainment and catering space.

Moraleja Green in Madrid: opened in 1995, located in Alcobendas close to a luxury residential zone “La Moraleja”. Gross lettable area: 27.708 square meters. No offers received yet.



Original article: Expansión (Rocío Ruiz, Lunes 17 de Marzo 2014, pp 5)

Translation: AURA REE