11/11/2014 – Expansion
Real estate fund CBRE Global Investors has closed sales of several shopping centers in Spain within less than nine months. The deals were parts of the overall asset turnover strategy bringing the property consultancy company over €500 million in revenues.
The last mall from the Spanish portfolio was the Moraleja Green in Madrid. The property has a 76.763 square meter area in total, including a 29.600 square meter GLA leased to a supermarket run by Sanchez Romero, several Inditex‘s brands like Zara, Massimo Dutti and Oysho, and H&M, among others.
Dutch entity ING’s real estate fund is said to have paid about €68 million for the shopping center. The main challenge of the new owner will be reactivation of the entertainment and restaurant areas of the Moraleja Green, dominated by eight movie theaters of Cinesa.
The mall was developed by Metrovacesa and BBV. Opened in April 1995, its area was extended by additional 12.000 square meters in 2001. As per figures by the Spanish Association of Shopping Centers, last year it was visited 3.38 million times.
This is not the first business handshake of ING and CBRE Global Investors in 2014. Few months back, the partners sealed a deal on the Boulevard center in Vitoria for €150 million. CBRE Global Investors also sold the Urbil mall in Guipuzkoa for €60 million to Axa Reim, the Alcala Magna in Madrid to Incus Capital for €85 million, the Gran Vía de Vigo unit to Oaktree for €100 million and the Modoo in Asturias for €45 million.
In 2013, CBRE Global Investors broke the suit in the crisis-battered market with the sale of the Parque Principado shopping center in Asturias for €141.5 million.
During the first nine months of the ongoing year, €2.3 billion was spent on retail parks only, with a total of €6.5 billion invested in the non-residential properties, tells CBRE.
Original article: Expansión (by Rocío Ruiz)
Translation: AURA REE