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CBRE GI Grows In Spain With A Commercial Center In Valencia

4 September 2015 – Expansión

TRANSACTION / The fund management company buys commercial establishment Ribera del Xúquer in Carcaixent, for about 40 million euros.

The fund manager CBRE Global Investors has closed a new purchase in Spain. The company has acquired Ribera del Xúquer shopping center, located in the Valencian town of Carcaixent.

Opened in September 2005, the center has 34.119 square meters of leasable area (GLA), distributed between 76 commercial premises. However, the deal has not included nearly 13,000 square meters of Eroski. In addition, the center has 1,900 parking spaces.

The final owner will be a Luxembourg fund managed by CBRE GI, according to market sources. And this is its first acquisition in Spain.

The center was property of a fund managed by the real estate division of the Swiss bank UBS, according to the Spanish Association of Shopping Centers. For the transaction it will receive between 35 and 45 million euros, as stated by the same sources.

The aim of CBRE Global Investors is to improve the profitability of the center, which has an occupancy rate of 95%. “We believe that we are entering the Spanish market at the right time to see widespread growth in both revenues and the increase in the capital of our investors,” said Florencio Beccar, fund manager of CBRE GI.

The management company has been one of the most active in the Spanish property market in recent months, having bought commercial centers Airesur in Seville and El Boulevard in Vitoria.

Original story: Expansión

Translation: Lee La

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