Jove & Partners Convey the Marineda City to Merlin Properties For €260 Mn

1/08/2014 – Cinco Dias

Spain´s REIT or Socimi Merlin Properties has acquired the Marineda City shopping center in A Coruña from Invest Cos, controlled by Manuel Jove (a 33.3% share), Modesto Rodriguez, Jose Collazo and Jose Souto. The transaction amounted to €260 million and the deal includes 4* Hotel Carrís Marineda located inside the complex.

The shopping park and the hotel, but also an IKEA, a El Corte Inglés stores and a bussines center form the commercial and entertainment complex which is considered the second largest in Spain. Its development consumed €450 million and created 4.500 direct and 8.000 indirect jobs.

First opened in April 2011, the property spreads out over 500.000 built square meters with a 200.000 square meter gross lettable area (GLA). Moreover, it disposes of 6.500 parking spaces.

Tertiary asset expert Merlin Properties Socimi went public on June 30th, raising €1.29 billion in funds.

In order to press the corporate debt down, the Inveravante Group´s president Manuel Jove traded its 5% holding in BBVA and a 75% stake in Colombian Vetra. The businessman founded Interavante practically in the same time when he sold real estate firm Fadesa to Fernando Martin (later Martinsa Fadesa) for more than €4 billion in 2007. Inveravante actively operates in the energy, real estate, food (vine) and fashion (the Caramelo chain) sectors.

Original article: Cinco Días (by Alberto Ortín Ramón)

Translation: AURA REE

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