15 March 2017 – Real Estate Press
The real estate fund manager Savills Investment Management (IM) has completed the purchase of a retail park located on the Lanbarren de Oiartzun industrial estate, close to the city of San Sebastián.
The asset has a surface area of 10,300 m2 and is leased to companies such as the DIY chain Brico Depot and the food retailer Mercadona, which is the main tenant. The Valencian distribution group opened this establishment in November. It has a sales hall covering 1,500 m2, and represents the fourth store that Mercadona has opened in the province of Guipuzcoa and the thirteenth in the País Vasco.
Savills IM has paid €16 million for the property, which it has acquired from a local property developer, through its fund Europe II – Retail. It is the first retail property that the fund manager has purchased in Spain. Until now, the fund has focused on acquiring residential properties in the country.
“This is the fund’s first acquisition in Spain. It is a newly built prime asset in San Sebastián, in the País Vasco, and it is already generating results that exceed expectations (…)”, said Michael Reinmuth, Director of Savills IM in Spain.
The fund manager, which has offices in Amsterdam, Copenhagen, Frankfurt, Hamburg, Hong Kong, Jersey, London, Luxembourg, Madrid, Milan, Munich, Paris, Singapore, Stockholm, Sydney and Tokyo, is one of the largest real estate asset investors in Europe. As at 30 September 2016, Savills IM managed assets with an approximate combined value of €17,000 million.
Last week, Savills IM announced its plans to launch a pan-European investment fund, through which it hopes to raise €500 million, which it intends to invest in retail assets in several cities, including Madrid, as well as in various capital cities in the north of Europe.
Original story: Real Estate Press
Translation: Carmel Drake