12 December 2017 – Eje Prime
Real IS is returning to Spain with the acquisition of an asset that has only just opened. The German investment fund has reached an agreement with the property developer Citygrove to purchase Terrassa Plaça, a retail complex on the outskirts of Barcelona that was opened just over a month ago. It is the first property that the German company has acquired on its return to the country, where it used to invest before the crisis. To this end, the company has recently opened an office in Madrid, with the aim of expanding its asset portfolio in the country, according to a statement issued by the company.
The operation, whose amount has not been disclosed, involves a complex with a gross leasable area (GLA) of 29,466 m2. Inside, Terrassa Plaça is home to brands such as Sprinter, Gifi, Globo and the restaurant chain La Tagliatella, amongst others.
Real IS has a presence in five European countries. For this deal, it has been advised by Savills on the real estate side and by the law firm Monereo Meyer Marinel-Lo, on the legal side.
Original story: Eje Prime
Translation: Carmel Drake