9/05/2014 – Expansion
“In Spain, the demand for shopping malls reaches far beyond the supply capacity. I dare to say that sun started to shine on this market again”, says Rupert Lea, partner director for Retail in Cushman & Wakefield (C&W).
Closing such large sales as the one of the Parque Principado in Asturias for €162 million to Intu or the 7-shopping mall and a business park portfolio in Alicante for €160 million acquired by consortium of Baupost, GreenOak and the Lar group, are only modest examples marking the turning point in tendency.
So far in 2014, investors left €340 million in various transactions concerning shopping centers. Taking this into account, Cushman & Wakefield predicts to see up to €1 billion of total operation volume at the end of the year.
“The main buyers are international funds with a team in Spain and their motives and targets vary. There are pension funds poaching the best quality product, experts in shopping centers who are looking for properties with development potential so that they could advance in their know-how strategies, as well as opportunistic funds that are ready to buy unwanted units highly encumbered with risk”, Lea explains.
Original article: Expansión (by R. Ruiz)
Translation: AURA REE