Russian Ex-Politician Viktor Khristenko Buys €10-Million Mansion in Sotogrande

28 October 2019 – Viktor Khristenko, the owner of three exclusive golf courses in Moscow and St. Petersburg and who acquired the San Roque Club in Sotogrande this year, has bought a mansion in the area with his wife. The residence is one of six mansions that make up the El Mirador residential complex, in the exclusive ​​La Reserva, which is owned by Sotogrande SA.

The French fund Orion European Real Estate acquired Sotogrande in 2014 from NH. Sotogrande has already sold three of the six luxury homes, while another, which is still under construction, is reserved. The homes, which were designed by the ARK architectural studio, go for approximately 10 million euros each.

The ex-politician’s firm, Golf Estates, is considering a potential alliance with Orion, which has traditionally invested in Spanish shopping centres, such as the Plenilunio, in Madrid, and the Puerto Venecia in Zaragoza.

Original Story: El Confidencial

Adaptation/Translation: Richard D. K. Turner

Patron Capital Acquires Los Alcores Shopping Centre

30 April 2017 – ABC

A constant and silent trickle of investments has seen a significant number of the shopping centres in Andalucía change hands. The latest operation was closed in March, when the investment fund Patron Capital – which is headquartered in London and which has a portfolio worth more than €5,000 million – acquired Los Alcores, the most well-known establishment in Alcalá de Guadaíra (with a leasable area of 124,000 m2). Its tenants include H&M, Lefties, Bershka, Stradivarius and Cinesur.

The shopping centre, located at the foot of the A-92 motorway, has belonged to Incus Capital since 2013, just like El Mirador (in Cuenca) and Alzamora (in Alcoy). Now, these three properties have been acquired by Patron Capital, which has joined forces with the firm Eurofund to invest more than €13 million modernising the properties.

According to the experts, the operation makes sense, “Los Alcores is located in an area that will be served by the metro in the near future and which has large residential projects underway nearby, such as Hacienda Rosario being constructed by Aedas Homes; it is highly visible from the motorway and its tenants include many household names”, said Rosa Madrid, Director of CBRE in Andalucía, the firm that advised the operation.

A report by this consultancy highlights that the shopping centre business has “been recovering for several years and recorded a successful year in 2016”. Behind this rise is “the increase in consumption and, therefore, the good indicators in terms of visitor numbers and sales, which improved by 3.1% and 1.6%, respectively (taking the portfolio of shopping centres managed by CBRE in Spain as a sample)”.

From there, the significant interest from the major commercial brands in growing again, “which has allowed shopping centre occupancy rates to increase at a good pace”. In the CBRE portfolio, “the average occupancy rate rose from 89.6% to 93.9% between 2014 and 2016, figures that illustrate the improvement in the sector”.

If we look at what has happened over the last twelve months, it is clear that this sector “is on a roll”. At the end of 2016, the Via Outlet group – in which the London-based giant Hammerson owns a stake – purchased The Style Outlet in the town of San José de la Rinconada (better known as “The Airport Factory”). Until now, that establishment has belonged to a fund promoted by the Spanish real estate company Neinver (controlled by the Losantos family). Its major rival, the Outlet de Dos Hermanas, had already been acquired by Green Oak, just a few months earlier.

Major sales

These operations joined a long list, which also includes Grupo Lar, which sold the Airesur de Castilleja de la Cuesta shopping centre to CBRE Global Investors. And an Andalucían company has also made money in this wave, specifically, the case of Bogaris, which sold six retail parks in Andalucía and Extremadura to Redevco Iberian Ventures in the middle of last year for €95 million (including Kinepolis Pulianas, las Marismas del Polvorín and the Motril retail park).

And the activity does not end there: Axiare Patrimonio purchased the Viaparck shopping centre in Almería for €20 million; Alpha Pyrenees Trust bought the Connecta shopping centre in Córdoba….and just a few weeks ago, New Winds Group (the owner of the Windsor building in Madrid) purchased Málaga Plaza shopping centre. Just another sign of the good health of a business that is taking off again.

Original story: ABC (by Luis Montoto)

Translation: Carmel Drake

Eurofund Capital & Patron Acquire 3 Shopping Centres

6 April 2017 – Inmodiario

The European investment funds Eurofund Capital Partners and Patron Capital have strengthened their presence and operations in Spain with the acquisition of three shopping centres: El Mirador, located in Cuenca; Los Alcores, in the town of Alcalá de Guadaira (close to Sevilla); and Alzamora, in Alcoy (Alicante).

Over the next few months, it will invest approximately €13 million in these centres to renew their retail offering, as well as to incorporate new domestic and international firms in the sector, and to increase the leisure and restaurant offer.

El Mirador de Cuenca is one of the iconic shopping centres in Castilla La Mancha and has no competitors in Cuenca. Inaugurated in 2002, it has a gross leasable area of 16,400 m2 and is home to more than 60 stores, including several high profile brands such as H&M, Cortefiel and Carrefour.

Los Alcores forms part of the Parque Guadaira retail area, next to the town of Alcalá de Guadaira. With a gross leasable area of 12,400 m2, its tenants include firms such as H&M, Lefties, Bershka and Stradivarius (…).

Meanwhile, the Alzamora shopping centre is also the main operator in the Alcoy area. It has a gross leasable area of 16,000 m2 and houses a wide range of retail (Zara, Massimo Dutti, Springfield) and leisure firms (cinemas, gym).

This is the second joint operation by Eurofund Capital Partners and Patron Capital in Spain, following their acquisition in July 2015 of the Dolce Vita Odeón shopping centre in Narón, near Ferrol, where it is carrying out a complete refurbishment both inside and outside the property, which, including the improvements made over the last two years, amount to €10 million (…).

Patron Capital and Eurofund

Patron Capital is an institutional investor specialising in real estate assets. It currently manages assets worth more than €5,000 million belonging to sovereign funds, universities, pension funds, private foundations and individual investors from the USA, Europe, Asia and the Middle East. Patron is headquartered in London and manages its investments in Spain from its offices in Barcelona. (…).

Meanwhile, the Eurofund Group has developed the shopping resort concept in Spain, which has had enormous success in Puerto Venecia (Zaragoza), winning the MAPIC prize in 2013 for the best shopping and leisure centre in the world. (…).

Original story: Inmodiario 

Translation: Carmel Drake

Carmila Buys 3 Shopping Centres In Spain For €77M

6 September 2016 – Expansión

Carmila – Carrefour’s real estate subsidiary – has acquired three shopping centres from Hispania Retail Properties for €77 million and has thereby increased the number of assets that it owns in Spain to 69.

Specifically, the company has acquired El Mirador in the province of Burgos, which has a surface area of 9,104 sqm and 3.5 million visitors per year; Montigalà in Badalona, which has a surface area of 10,668 sqm and 3.5 million visitors per year, and Atalayas in the centre of Murcia, which has a surface area of 10,024 sqm and five million visitors per year.

Meanwhile, the company has acquired fourteen stores in the Pince-Vent shopping centre in Ormesson (France) from the company Meyer Bergman. As a result of that transaction, the company has completed its acquisition of the entire shopping centre, which receives 5.1 million visitors each year.

Carmila, which is owned jointly by Carrefour (42%) and several large institutional investors (58%), invests in shopping centres that are adjacent to its Carrefour hypermarkets in Spain, France and Italy.

The Chairman of Carmila, Jacques Ehrmann, explained that with these operations, the Group has increased the value of its asset portfolio to €4,600 million. “The group is maintaining its value creation strategy thanks to a total portfolio of project investment amounting to €1,200 million and the development of innovation projects for the benefit of traders”, said Ehrmann.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake