The pension managing company of the German electric company E.ON is negotiating the acquisition of a mall in Guipuzcoa from CBRE Global Investors, in the fourth real estate operation that takes place in two weeks.
The Urbil complex, located in Usurbil, could be transferred to the pension fund of E.ON for 62 million Euros. This price for the mall, with a surface of 20.000 square meters, and which is rented to firms such as Eroski, Zara and Mc Donald´s, implies an annual yield of 7,5%. According to sources within the market, UBS acts in the name of the buyers, as the Swiss bank has the mandate to invest the capital of the pensions of E.ON.
CBRE Global Investors is the owner of Urbil since 2011, when the US firm acquired several funds from the Dutch bank ING, this mall being one of the acquired assets.
In the last few weeks CBRE Global Investors has speeded up the process of sale of the properties inherited from ING, as the date to reimburse the investors is nearing. As for Urbil, a loan granted by the German bank EuroHypo, who wants to reduce its exposure to the European real estate market, was about to expire. (…)