Northwood Puts Diagonal Mar Shopping Centre Up For Sale For €500M

9 May 2016 – Expansión

The US investment firm Northwood has put the Diagonal Mar shopping centre in Barcelona up for sale, for an estimated price of €500 million, according to sources close to the deal.

CBRE, the agency responsible for the management and leasing of the shopping centre since it was opened in 2001, has been appointed to manage the sale. Sources at the real estate consultancy declined to make any comment. The investment firm bought the shopping centre in May 2014 from a group of investors represented by Avestus Capital Partners, however that retained the asset management of the property.

Diagonal Mar – one of the largest shopping centres in Cataluña – covers a surface area of almost 88,000 sqm, including 27,100 sqm owned by Alcampo.

Opened in November 2001, the centre was designed by Jean-Louis Solal and the architect Robert A.M. Stern. Diagonal Mar is located in a prime position, situated approximately five kilometres to the north west of the city centre, in the 22@ district.

This centre has more than 200 stores dedicated to fashion, restaurants, leisure, a bowling alley and other services, as well as 4,800 parking spaces, provided free of charge for three hours.

Moreover, the shopping centre has an open air leisure and restaurant area, “La Terrassa del Mar”, which is open to customers, neighbours, employees from the office towers and tourists from nearby hotels in the area.

More than 3,000 jobs

Diagonal Mar received 16.7 million visitors last year, which represented an increase of 2.3% with respect to the previous year, and resulted in a 9% increase in sales during the period.

The centre owned by Northwood employs more than 3,000 people. The centre’s current tenants include Media Markt, Fnac, Primark, Zara, H&M and Cinesa, amongst others.
In addition, brands such as Revlon, Napapijri and the toy store Drim have opened shops in the centre within the last year.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

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