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Lar España Becomes the New Owner of the Albacenter Shopping Park

31/07/2014 – Expansion

Lar España Real Estate Socimi has acquired a shopping mall in Albacete from Unibail Rodamco for €28.4 million.

Albacenter offers a 15.696 m² GLA (gross lettable area) distributed among 75 shops on two floors, as well as 1.223 parking spaces. The shopping park, first opened in 1996 and renewed in 2008 now registers a 76% occupancy.

The mall houses stores of Primark, H&M, Shana, Bershka and Eroski which is the co-owner of the property. Lar España plans to widen the fashion and entertainment offer of the center and add to its size.

This is the fourth purchase of the Socimi (Spanish REIT) realized since its flotation in March. Jointly, Lar has invested €101 million out of its €400 million IPO. Three shopping centers in Irun, Palencia and Albacete consumed €67.8 million, an office building in Madrid was bought for €24.2 million and a medium-size commercial asset also in the capital for €9.1 million.

 

Original article: Expansión

Translation: AURA REE

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