15 March 2018 – Expansión
The shopping centre sector is still red hot. After the intense investment activity of last year, which has continued during the first few months of 2018, new assets are still coming onto the market. The latest is Itaroa, a shopping centre located in Huarte (Navarra), which has hung up the for sale sign, according to market sources speaking to Expansión.
The asset, managed by the local property developer Javier Gómez, has a surface area of 42,000 m2 and contains a Hipercor, owned by El Corte Inglés, which would not form part of the sales process. To search for potential buyers, the owner has engaged the consultancy firm Colliers International Spain, formerly Irea.
The vendor is asking around €90 million for the asset. The Itaroa shopping centre is mortgaged to the German financial institution Aareal Bank by way of guarantee for a €71 million loan. The mortgage was constituted in 2003 and has been renewed on several occasions, according to the latest information available from the Mercantile Registry.
Last year, Itaroa launched a renovation of its leisure and restaurant area to expand and improve the offer at the centre with the incorporation of new brands. It spent €4 million on that expansion.
Itaroa’s tenants in the fashion and accessories sectors include brands such as Zara, Sfera, Merkal, Bershka and Décimas. The shopping centre is also home to a Yelmo cinema.
This move comes in addition to the sale of a portfolio by Sonae Sierra and CBRE GI comprising three assets and the sale of the Ballonti centre (Vizcaya). Last year, the investment market for shopping centres reached a volume of around €2.7 billion, thanks to record operations such as the purchase of Xanadú, in Arroyomolinos (Madrid), for €530 million. The investor appetite is expected to continue this year, which has led some owners taking advantage of the situation to divest.
Original story: Expansión (by Rebeca Arroyo)