Orion Capital Managers and Temprano Capital Partners have closed the acquisition of two malls in Spain, a new sign of the renovated interest of investors in the Spanish real estate sector.
On one hand, Orion acquires 50% of Puerto Venecia from British Land for 144,5 million Euros, controlling this leisure complex in Zaragoza, the biggest one in Spain and one of the greatest in Europe with 212.600 square meters.
In a smaller operation, Temprano Capital has acquired the mall Cuadernillos in Alcalá de Henares (Madrid), in the hands of the fund Varde Partners. Although the firms have not revealed the price, market sources talk of it being below 40 million Euros.
Both transactions join those carried out in the mall business in the last few months, such as the acquisition of the mall Parque Principado by Intu Properties and CPPIB for 162 million Euros.
The operation of Puerto Venecia is a consequence of the wish of British Land of abandoning its assets in continental Europe. It has also put on sale the mall Nassica, in Getafe (Madrid).
Orion, who acquired the other 50% of Puerto Venecia in 2011 from the construction company Copcisa, awaits an increase in value of the mall. (…)