The U.S. fund Baupost is finalizing the acquisition of a package of malls scattered around Spain. It includes Parque Vistahermosa, in Alicante, Mirador in Burgos, Atalaya, in Murcia, Montigola, in Barcelona, Las Rosas, Madrid Sur and Getafe III, all three in Madrid and the most important one, Rosaleda in Málaga.
The properties are included in the Spanish portfolio of the Dutch group VastNed Retail. Apart from the transferred malls, this real estate company specialized in retail owns several trade premises in Madrid, Barcelona and Castellón.
In its last presentation to analysts, VastNed admitted that the bad economic situation had affected the behavior of its malls, with a descent of rents. The Dutch group values at 13,7 million Euros the earnings it received from its commercial assets in Spain and Portugal.
Five years ago, the value of the portfolio of VastNed in Spain reached 409 million Euros. In 2011, the group put 50% of their national assets on sale, valuing them in 280 million Euros. After an unsuccessful offer last year, Baupost will now pay around 180 million Euros for the properties.
The operation is in its final stage awaiting a few details that could modify part of the transaction. Baupost could exclude two of the eight malls: Vistahermosa and Getafe III. “The operation will probably be closed before the end of the year but, as these are secondary malls, that need an investment to update them, it is probable that they will exclude some properties”, a source close to the operation admits. (…)