31 May 2016 – Mis Locales
The real estate consultancy BNP Paribas Real Estate has advised Corum Convictions, the real estate investment company owned by Corum Am, regarding the sale of a retail outlet in Tarragona worth €9.43 million.
The asset, located in the Les Gavarres shopping area in Tarragona is leased to Media Markt, the European leader in the sale of domestic appliances and high quality IT equipment.
The property has been acquired by Actipierre Europe, the real estate company owned by Ciloger, which, in turn has been advised by Invesco Real Estate to carry out the transaction. Corum Convictions applies an open and opportunistic strategy to its investments with a high rate of distribution, and to this end, it invests in all types of assets (offices, shops, healthcare, hospitality, business, car parks…) both in France as well as across the Eurozone.
Vincent Dominique, Director of Corum Am, has said that “With this sale, we continue to drive our opportunistic acquisition and arbitrage strategy, which benefits from the effects of economic cycles. In fact, based on what we expected in 2013, the year in which the most recent economic cycle in Spain bottomed out, both in terms of the macroeconomic environment and the real estate investment sector, the decrease in rates has allowed an increase in asset values, which has resulted in high and secure rental income and first-rate tenants”.
Original story: Mis Locales
Translation: Carmel Drake