23 May 2018 – Expansión
The fund manager Savills Investment Management (Savills IM) has purchased a hypermarket in the Garbera shopping centre in San Sebastián for €48 million.
The agreement, closed with an international institutional investor, has been completed in an off-market operation.
The investment, made by Savills IM on behalf of the European investment fund European Retail Fund (ERF) reflects a net yield of approximately 5%.
The hypermarket has a total surface area of 14,200 m2 and is operated by Eroski.
Specifically, the hypermarket is located on the ground floor of the Garbera shopping centre, which is owned by Unibail Rodamco. It is the dominant shopping centre in the region, according to the fund manager.
Fernando Ramírez de Haro, Director General at Savills Investment Management for Spain and Portugal, said that, with this operation, the fund manager is growing its footprint in the Iberian Peninsula, with a regional portfolio of assets under management amounting to almost €500 million.
“Spain and Portugal are a strategic priority for 2018 and the next few years, both for Savills IM and for its clients and strategic partners. To that end, we are going to continue studying the market in an active way and we are convinced that we will be able to bring to fruition several investment opportunities over the coming months”, added Ramírez de Haro.
Savills IM, with offices in almost twenty cities around the world, was managing assets with a total value of approximately €16.6 billion at the end of last year.
Original story: Expansión (by R. Arroyo)
Translation: Carmel Drake