Transaction / Assets Seller Buyer € MM
Incus Capital Finalises Sale Of 4 Shopping Centres
25 October 2016 – Expansión
Three years after arriving in the Spanish real estate market, the fund Incus Capital is getting ready to divest its positions, and whereby benefit from the boom in the market and reap the rewards of the investments it has made in shopping centres. Specifically, the fund is finalising the sale of four shopping centres for a total consideration of €150 million.
Incus is holding exclusive negotiations with Deutsche Bank regarding the sale of the Alcalá Magna shopping centre, located in the Madrilenian municipality of Alcalá de Henares, for €100 million. The German entity is turning its attention to these types of assets once again, after starring in the largest acquisition in the market so far this year with its purchase of Diagonal Mar (in Barcelona) for almost €500 million.
From the sale of Alcalá Magna, Incus Capital will generate significant profits just two years after acquiring the asset. Incus Capital bought Alcalá Magna for almost €82 million from the investment fund CBRE RPPSE, managed by CBRE Global Investors, in the summer of 2014. Alcalá Magna, which opened in 2007, has almost 100 retail units and a gross leasable surface area (GLA) of 35,000 m2.
The commercial complex, designed by the international studio Chapman Taylor, has many high profile tenants, including Zara, C&A, Cortefiel, Mercadona and Massimo Dutti.
In addition to Alcalá Magna, Incus Capital is going to sell another three shopping centres that it currently holds in its portfolio, namely: El Mirador de Cuenca, Alzamora in Alcoy (Alicante) and Los Alcores in Alcalá de Guadaíra (Sevilla). To this end, Incus is holding exclusive negotiations with the British fund Patron to sell those three assets for a combined price of almost €50 million. The operation is expected to close in December.
Incus was constituted in 2012 and its purchase of these three assets from Morgan Stanley for almost €30 million (80% less than Morgan Stanley paid for them in 2007) represented its first real estate operation in the country. El Mirador de Cuenca, inaugurated in November 2002, has a retail surface area of 24,723 m2 spread over four floors (two retail and two parking).
Los Alcores, which opened its doors in August 2003 in Alcalá de Guadaíra (Sevilla), has two shopping floors and one car park. Its two main tenants are Eroski and Cinesur. Meanwhile, Alzamora, which was inaugurated in Alcoy (Alicante) in October 2003, has three shopping floors, a Supercor and almost 600 parking spaces.
Original story: Expansión (by Rebeca Arroyo)
Translation: Carmel Drake