3 November 2016 – Real Estate Press
The establishment, located in the city centre, has a surface area of more than 65,000 m2, of which 24,736 m2 is dedicated to retail space, according to data from the Spanish Shopping Centre Association.
Inaugurated in October 2003, the shopping centre is leased out almost in its entirety to tenants such as Carrefour, several brands from the Inditex group, including Pull & Bear and Stradivarius, as well as Corfefiel, Springfield and WomenSecret. In addition, it has an underground car park with more than 1,500 parking spaces.
This is the fifth investment that the Israeli fund has made in Spain in less than a year. In this way, in recent months, MDSR Investments has acquired the following retail parks: La Dehesa in Alcalá de Henares, Connecta in Córdoba and Puerta del Ave in Ciudad Real, as well as the Mercado de Campanar shopping, leisure and restaurant complex in Valencia.
“Our objective is to acquire more commercial assets and become a key player in the market for retail spaces in Spain within a short period of time”, said Annalaura Benedetti, Head of MDSR Investments in Spain.
Until now, the shopping centre was controlled by Meteore Alcala y Pradera, a British fund that owns 43 shopping centres and business parks across several European countries, which are worth around €2,000 million.
The real estate consultancy firm Catella has advised the vendors in the operation whilst the Pérez-Llorca has provided legal advise to the buyer. “This acquisition consolidates the appetite from institutional investors for shopping centres with a significant area of influence and first-rate tenants”, said Carlos López, Partner at Catella.
Original story: Real Estate Press
Translation: Carmel Drake