7 October 2015 – Cinco Días
Real estate investment in the retail sector is breaking records, reaching levels above even those seen before the crisis. Total investment volumes amounted to €2,588 million during the first nine months of the year, an increase of 42% with respect to the same period last year, according to data from the real estate consultancy JLL.
The worst year of the crisis for this segment was 2011, when investors spent just €500 million in Spain during the whole year. At the other end of the spectrum, 2007 was the best year in terms of transaction volumes, which totalled almost €4,000 million.
During the last three quarters, 486 assets have been acquired in total through 46 operations, the majority of which have involved the purchase of shopping centres and prime retail parks (i.e. the largest assets in the best locations).
The star product for investors, by transaction volume, are shopping centres, which account for 52% of all sales. After these purchases, are their interest in individual shops (23%).
In Q3, the most noteworthy operations included the acquisitions made by Grupo Lar, which recently purchased the MegaPark de Barakaldo shopping centre for €170 million, in an operation that was advised by JLL, as well as the El Rosal shopping centre for €87.5 million. In addition, the Rivas Futura shopping centre was sold to Credit Suisse for €52 million and the Connecta Córdoba park was sold to MDSR Investments for €15.3 million.
Another highlight was the transactions involving two supermarket portfolios: the Caprabo Blue Box portfolio, which was sold to Meridia Capital for €97 million; and a group of Carrefour and Día supermarkets, which were purchased by Kennedy Wilson for €88 million.
Original story: Cinco Días (by A.S.)
Translation: Carmel Drake