25 May 2018 – Eje Prime
Deka may have found a buyer for a portion of the portfolio that it purchased from the Galician giant Inditex. The German fund manager is currently holding negotiations with the Spanish fund IBA Capital regarding the sale of most of the premises that it bought from the fashion retailer at the beginning of the year for around €100 million, according to sources close to the operation, speaking to Eje Prime.
IBA Capital, which has declined to comment, looks set to buy more than ten assets located in secondary cities, given that Deka is planning to hold onto number 16 Calle Preciados, in Madrid (2,725 m2 of retail space) and number 58 Calle Pelayo, in Barcelona (5,134 m2 of retail space), as well as the properties it acquired in Portugal.
Thus, IBA Capital would purchase assets located in secondary cities (such as those located in Zamora, Albacete and Ciudad Real) through the fund that it has just launched onto the market specialising in the high street segment. Deka acquired the 16 assets in January for approximately €400 million, with chains from the Inditex group continuing as tenants in all of the establishments.
These two moves, the purchase and the sale, demonstrate Deka’s interest in the Spanish market. According to Eje Prime, Deka’s roadmap involves doubling the investment volume that it has in the country from €1 billion to €2 billion over the next five years.
Currently, the fund manager owns a portfolio of tertiary assets in Spain, highlights of which include the office buildings at Avenida Diagonal 640 and Sarrià Forum in Barcelona and the mixed-use (offices and retail) El Triangle building, also in the Catalan capital (…).
Original story: Eje Prime (by Custodio Pareja)
Translation: Carmel Drake