11/04/2014 – ExpansionPro
The Northern American, the Mexican, the Chinese and now also the Israeli. The improvement in confidence in Spain´s market and the abundant supply of real estate products at low prices call attention of investors from all around the world.
The one that arrived the most recently is Israeli group Big. According to local newspaper Haaretz, the company owning 55 large shopping malls in different countries (apart from Israel in the United States, in India and Serbia), is negotiating purchase of 50% of a Spanish real estate firm.
The deal subject is portfolio of Bogaris, a Seville-based firm (…) that owns commercial property in Spain, Portugal, Romania and Bulgaria. In total, more than 2 million square meter area in business parks. Also, the company has been specializing over the last two years in key developement projects in the field of logistics. For instance, it constructed warehouses and platforms in Malaga for Heineken and worked with Bridgestone, Carrefour and Crown Cork & Seal.
The Bogaris-Big transaction will include business parks located both in Spain and Portugal, but not those outside the Iberian Peninsula. (…). The firms are in talks over the portfolio organization and its holding. Price is said to oscilate around €120 million.
(…) At the end of 2013, real estate investments of Bogaris Retail were worth €474.8 million.
Original article: Expansión (by R. Ruiz & S. Onrubia, Jueves 10 abril 2014, pp 11)
Translation: AURA REE