31/07/2014 – ExpansionPro
The latest transactions involving the Anec Blau and the Albacenter shopping malls shall be added to a pool of commercial properties which have changed hands in the past twelve months in Spain.
“Investor´s appetite for shopping centers boosted at the end of 2013 but the turning point has come just now. Commercial real estate purchase figures multiplied by six if the first half of 2014 compared with H1 2013″, explains Gonzalo Senra, the Commercial Investment Director for CBRE.
According to a report by BNP Paribas Real Estate, the CRE accounted for around 38% of all transactions closed in the first half of the ongoing year. Thus, out of the total of €3.23 billion invested by the end of June, over €1 billion was spent on shops and shopping malls.
By the purchaser profile, institutional funds and REITs represented 64% of all. The biggest volume acquisitions crossed €100 million. To give an example, the El Boulevard shopping park in Vitoria was bought for €130 million, whereas the Gran Vía de Vigo unit, also sold by CBRE Global Investors, changed the owner for €113 million.
Original article: ExpansiónPro
Translation: AURA REE