Mazabi Launches a New Retail Park Project with €30M of Own Funds

16 October 2018 – Eje Prime

Mazabi is committed to retail parks. The Spanish property manager has launched Atalaya Superficies Comerciales onto the market, a project that has been created to develop retail parks and premises, which is going to be led by Sebastián Ojeda, according to a statement issued by the group.

Ojeda, who comes from Bankinter, is joining Mazabi with the purpose of leading the retail park sector in Spain. The new management vehicle is being created with €30 million of own funds contributed by various domestic and Latin American family offices. Atalaya has set itself the objective of achieving sales of more than €180 million over the next six years.

In addition to Ojeda, who has more than twenty years of experience in the banking sector, Mazabi is going to recruit other professionals and it will also engage specialist external advisors. The commitment of the real estate company to retail parks responds, according to the company, to the fact that it is “a sector with a high demand for professionalization and with high growth expectations over the medium term”.

“With the platform and experience offered by our multi-family office, the incorporation of Sebastián (Ojeda) into the project allows us to professionalise this area of the business, which has always been strategic for our group”, says Juan Antonio Gutiérrez, the CEO of the company.

Currently, Mazabi manages properties worth more than €1.3 billion, has investments in fourteen countries with fifty funds and has a specialist team of 25 professionals located in Madrid, Bilbao, Santander, Málaga and Luxembourg. The manager has the objective of growing its portfolio to reach €2 billion and, to that end, has engaged KPMG Real Estate to look for a long-term partner, to contribute equity of €200 million to acquire a “pipeline” of around €500 million.

Original story: Eje Prime

Translation: Carmel Drake

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