Tag: Bahía Azul shopping centre

Marathon Puts the Bahía Azul Shopping Centre in Málaga up for Sale for c. €30M

11 April 2019 – Idealista

The US fund Marathon has put the Bahía Azul shopping centre in Málaga up for sale for an asking price of between €25 million and €30 million.

Marathon has owned the centre since 2016, when it acquired it for €18.5 million, and has appointed Savills-Aguirre Newman to manage the sale, which will begin after Easter.

Bahía Azul, which was inaugurated in November 2008, has a surface area of 13,827 m2, divided into four retail spaces, plus a 9,445 m2 underground parking lot. It is located opposite Guadalmar in the same complex as Ikea, and is home to high-profile brands including Worten, Conforama, Schmidt, Prenatal, McDonald’s, Visionlab, Carrión and Maisons du Monde.

Marathon Asset Management has headquarters in New York, London and Singapore. It is one of the minority shareholders of the property developer Vía Célere, which is controlled (75%) by Värde.

Original story: Idealista (by Custodio Pareja)

Translation/Summary: Carmel Drake

Marathon Buys an Office Building & a Hotel in Madrid for c. €30M

21 November 2018 – Expansión

The US investment fund Marathon is increasing its commitment to Spain with the acquisition of a mixed-use complex of buildings in Madrid, which houses an office block and a four-star hotel managed by the Mallorca-based chain Barceló.

Specifically, the US investment fund has closed an agreement with Credit Suisse Real Estate, owner of the asset until now, to acquire the complex for around €30 million, according to market sources speaking to Expansión.

The complex has a total surface area of 14,000 m2 and is located at numbers 19 and 21 Calle de Julián Camarillo in Madrid, one of the most established office districts in the east of the capital, a few minutes by car from the Ifema exhibition centre and Adolfo Suárez-Barajas airport.

The operation has been advised by the real estate consultancy firm Knight Frank.

The complex includes an office building, with a surface area of more than 9,100 m2, occupied by several tenants: Adquira, the company specialising in e-commerce; Lebara, the telephony company; Ixion, the robotics and drone firm; and Norgine, the pharmaceutical business, amongst others.

The complex also has retail and leisure areas and indoor and outdoor parking.

In addition, the asset houses a four-star hotel, managed by Barceló Group, now under the Occidental Hoteles brand.

The Hotel Occidental Madrid Este – previously known as Barceló Torre Arias – has 108 rooms, four of which are junior suites, as well as a gym, sauna and restaurant. The establishment also has two meeting rooms with capacity for up to 80 people.

With this operation, Marathon is strengthening its presence in the Spanish real estate market. The US fund is, together with Attestor, Bank of America Merrill Lynch, Barclays, Deutsche Bank and JP Morgan, one of the minority shareholders of the property developer Vía Célere, which is controlled by Värde (75%).

Moreover, the investment fund acquired the Bahía Azul shopping centre in Málaga in 2016.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake