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Hines Puts Zielo Shopping Centre Up For Sale

19 January 2015 – Expansión

The real estate company Hines has decided to sell one of its landmark shopping centres in Spain, namely the Zielo Shopping centre, located in the Madrid suburb of Pozuelo.

Zielo Shopping opened in October 2009. It occupies a total surface area of 50,000 square metres, of which 15,537 m2 are used for commercial purposes; and it has more than one thousand car parking spaces. In February 2011, Hines requested a €50 million loan from Eurohypo to finance the construction of the centre. Before its inauguration, the real estate company said that its investment in the facilities would exceed €100 million.

Now, Hines has put the property on the market for a price of around €65 million. To this end, the Houston-based real estate company has decided to organise a restricted sales process, in which it has invited three of the largest Socimis to participate, namely: Merlin, Axia Real Estate and Lar España, as well as the funds Tiaa Henderson and Deka Inmobilien. If no agreement can be reached with these five candidates, Hines will open up the process to new investors, according to real estate sources.

Original story: Expansión

Translation: Carmel Drake