Objects Of Desire: 16 Shopping Centres Up For Sale

14 May 2015 – Expansión

Between January to March (2015), funds and Socimis have invested €988 million in the purchase of large shopping establishments; and that figure that could reach €2,500 million for 2015 as a whole.

The 682 shopping centres in operation in Spain have become objects of desire for all investors interested in the Spanish real estate market. Thus, between January and March, these investors spent €988 million on the purchase of all kinds of shopping centres. “In January 2014, institutional investors did not want to purchase in Spain and now we have a very wide range of buyers: from institutions, which do not mind paying more for a good property, to opportunistic funds”, explains Vitor Pacheca, Senior Consultant of Retail Capital Markets at JLL España.

Last year, the Spanish market was the fourth favourite in Europe for investors interested in shopping centres and retail parks, with transactions as significant as Puerto Venecia in Zaragoza, which the British group Intu purchased for €451 million, having purchased Parque Principado in Asturias in 2013. Those are not the only real estate projects being pursued by the British real estate firm in Spain; it is currently developing two (shopping) centres, one in Malaga and the other in Valencia.

The most high profile case in 2015 has been Plenilunio. The Madrilenian property was acquired by the French operator Klépierre for €375 million on 17 March. The As Termas shopping centre in Lugo also changed hands; it was purchased by the Socimi Lar España. And AireSur in Sevilla was acquired by the fund CBRE Global Investors. “Last year, 28 (shopping) centres were bought and sold, representing a total investment volume of €3,200 million. In 2015, we expect that more centres will be sold but for a smaller total amount, around €2,500 million”, says Pacheco.

Although the flurry of transactions is not expected until the final quarter of the year, several shopping centres are scheduled to change owner shortly. “There are around 16 shopping centres for sale in Spain at the moment. We estimate that as many as 30 such assets may change hands between now and the end of the year”, say sources at JLL.

Doughty’s centres

That is the case of El Rosal in León and Plaza Éboli (pictured above) in Pinto (Madrid). The private equity firm Doughty Hanson is finalising the sale of those two properties, whose ownership will be transferred over the next few weeks.

The Plaza Éboli shopping centre, which was opened in 2005 and measures 62,000 m2, will be acquired by the US investor HIG for €30 million. In the case of El Rosal, which measures 151,000 m2, the new owner will be the Socimi Lar España, which has already purchased other shopping centres such as L’Anec Blau in Castelldefels (Barcelona) and Albacenter in Albacete. The Socimi will pay €90 million for El Rosal.

Another one of the 16 shopping centres up for sale is Moraleja Green in Alcobendas (Madrid). The property is on the market again after it was sold to ING by CBRE Global Investors last year. Now, the real estate division of the Dutch bank is putting it up for sale, after paying €68 million.

The Heron City shopping centre in Barcelona is also up for sale; it opened in 2011 and occupies a surface area of 101,000 m2, of which 36,358 m2 is dedicated to retail space.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

CBRE GI Acquires Airesur Shopping Centre For €76.5M

26 March 2015 – Expansión

The fund manager CBRE GI has finalised its purchase of the Airesur shopping centre in Sevilla for €76.5 million. Through this transaction, CBRE Global Investors strengthens its portfolio in the Iberian peninsula, where it manages 20 shopping centres for its large clients.

Original story: Expansión

Translation: Carmel Drake

CBRE GI To Buy Airesur – Sevilla’s Largest Shopping Centre

25 March 2015 – El Confidencial

Today (Wednesday), CBRE Global Investors will formalise its purchase of Airesur from the Lar Group for €75 million. In addition, it expects to invest a further €10 million in repositioning and expanding the shopping centre located (on the outskirts of the city of) Sevilla.

New first class transaction in the real estate sector. CBRE Global Investors, the international real estate asset manager, has reached an agreement with the Lar Group to purchase the Airesur shopping centre, the largest in Sevilla. Airesur has a surface area of 37,283 square metres and is located next to the only store that IKEA has, for the moment, in the Andalusian capital.

The definitive transfer of this asset is expected to take place today, after a busy process led by JLL, which also involved several international funds, according to sources familiar with the process. Despite the high level of interest, the complex financial structure hiding behind Airesur, coupled with the need to undertake additional investments to expand and reposition the centre, tipped the scale in favour of CBRE GI, which not only has the financial muscle (require for a transaction of this size), but also has more than 20 years of experience in the management of real estate assets.

After a lengthy due diligence process (internal audit), a price of around €75 million has been agreed, which is close to the latest official valuation completed by Savills (€77.5 million), as at the end of 2014. Nevertheless, it is long way off of the €102.5 million that Lar paid when it acquired the shopping centre in the summer of 2006, in conjunction with Morgan Stanley’s private bank (which today forms part of Caixabank).

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake