• Transaction / Assets
  • Seller
  • Buyer
  • € MM

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

147