8 May 2018 – Expansión
Deutsche Bank is increasing its commitment to the Spanish retail sector by adding the L’Aljub shopping centre in Elche to its portfolio of assets in Spain.
Specifically, the German bank has signed an agreement with the fund Seva (Southern European Value-Add Mandate), managed by TH Real Estate for the investors TPG Real Estate – the real estate platform of the international manager TPG – and Partners Group, for €170 million.
The operation has been advised by the consultancy firm Cushman & Wakefield, which has worked with the vendor, whilst CBRE has advised on the buy side.
With this acquisition, the entity is strengthening its position in the commercial sector in the country. In August 2016, Deutsche Bank purchased the Diagonal Mar shopping centre from Northwood for €495 million. That operation was the second largest transaction ever closed in the shopping centre sector in Spain, after the purchase of Xanadú.
Moreover, Trajano – the Socimi managed by Deutsche Bank – purchased the Alcalá Magna shopping centre from Incus Capital for just over €100 million at the beginning of last year. In addition, the firm also owns the Salera shopping centre in Castellón de la Plana.
The L’Aljub shopping centre was inaugurated in 2003 and spans more than 60,000 m2, spread over two floors and with a large underground car park.
Besides the commercial and leisure offering, L’Aljub is home to an Eroski hypermarket on the ground floor.
Specifically, the shopping centre contains 120 shops and has 3,200 parking spaces. Its most high-profile tenants include Inditex, H&M, Primark, Mango and Cines ABC.
Original story: Expansión (by Rebeca Arroyo)
Translation: Carmel Drake