CBRE GI Buys 70% Of H2O Rivas Shopping Centre

22 May 2017 – Expansión

CBRE Global Investors has acquired 70% of the H2O Rivas shopping centre – located in Rivas-Vaciamadrid (Madrid) – from Alpha Real Trust, which will hold onto the remaining 30% of the share capital.

The operation, which has been carried out through a joint venture, is expected to close at the end of June, after a series of conditions to which the purchase is subject have been fulfilled. As part of the agreement, Alpha Real Capital – investment manager and the main shareholder of Alpha Real Trust Limited – will continue managing the asset.

Although neither the buyer nor the seller have disclosed the amount paid in the transaction, market sources value the asset at between €150 million and €200 million. The entry of new shareholders and the recent acquisition of an additional plot of land will allow the asset to be renovated, and for the shopping centre to be expanded.

Alpha Real Trust purchased H2O Rivas from Avantis for €83 million in 2010. Since then, it has promoted the modernisation of the asset and H2O has gone from receiving 5.7 million visitors in 2010 to 7.7 million last year.

Inaugurated in 2007, the asset has a surface area of 52,000 m2 and comprises 130 stores spread over two floors. The shopping centre, which has an occupancy rate of 92%, also has an artificial lake and a garden area. Its tenants include Mercadona, H&M and seven brands from the Inditex group, including Zara.

Original story: Expansión (R.Arroyo)

Translation: Carmel Drake

Lone Star Puts ‘Rivas Futura’ Retail Park Up For Sale

9 July 2015 – Cinco Días

The opportunistic fund Lone Star has put the Rivas Futura retail park, in the Madrilenian town of Rivas Vaciamadrid, up for sale. The retail space covers an area of more than 40,000 m2 and includes around 30 large stores, such as Toys’r’us, Leroy Merlin, Media Markt, Decathlon, Kiab and Prenatal.

The retail park opened in May 2006. In 2008, the insurance company Axa Reim purchased it from Avantis for €81 million. Subsequently, it was included in Eurohypo’s secured loan portfolio.

The asset was subsequently included in the so-called Project Octopus, loans that were sold by Commerzbank (after its acquisition of Eurohypo), which Lone Star ended up purchasing.

This retail park currently has an occupancy rate of 80% and market sources say that the sales price could stand at around €70 million. The transaction has been brokered by Knight Frank, which has declined to comment on proceedings.

In Spain, Lone Star also acquired Kutxabank’s real estate arm, Neinor, last December, for €930 million and obtained control over the former Basque cajas’ property management platform. This fund, led by Juan Pepa in Spain, is committed to the residential market, through Neinor, and has plans to invest up to €1,000 million in land.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation: Carmel Drake