Tag: hypermarket

Ores has Invested €362.5M in 35 Assets Across the Iberian Peninsula

16 April 2019 – Eje Prime

Ores, the Socimi owned by Bankinter and Sonae Sierra, has invested €362.5 million in 35 assets across the Iberian Peninsula since its creation, according to a report filed by the company with the Alternative Investment Market (MAB) at the end of Q1 2019.

During the first quarter of this year, the company purchased a retail store in Burgos with a gross leasable area of 724 m2 for €5.2 million.

The company’s portfolio comprises hypermarkets (28.1%), mini-hypermarkets (17.8%) and retail parks (15%), amongst others. Its assets are located mainly in Madrid and Barcelona, as well as in prime areas of provincial capitals.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Eroski Sells & Leases Back a Hypermarket & Gas Station in Velez-Málaga

18 December 2018 – Alimarket

Eroski has sold the hypermarket and gas station that it owned in the El Ingenio Shopping Centre in the Malagan town of Velez-Málaga to the property developer Sociedad Azucarera Larios Patrimonio S.L. (Salsa Patrimonio), which forms part of the Azucarera Larios group. The assets will continue to be managed by the Basque cooperative under a 25-year lease contract. The centre has belonged to Eroski, through its company Cecosa Hipermercados, since its inauguration in November 2000.

According to a statement issued by Salsa Patrimonio, the firm is going to invest €25 million in the purchase and subsequent renovation of the hypermarket, which will reduce its surface area by 35%, from 13,782 m2 to 8,816 m2. Moreover, the statement highlighted that the objective of the operation is “to strengthen El Ingenio’s position as a reference shopping centre in the western Costa del Sol”, and the renovation will contribute to improving the shopping experience of its customers.

Indeed, Eroski is one of the retailers that is backing the sale and leaseback arrangement the most. This year, it has sold six other hypermarkets in this way in the Pais Vasco and Cantabria for €105 million, and just a few days ago, it did the same with its establishment in the El Mirador Shopping Centre, in the town of Jinámar (Las Palmas de Gran Canaria).

Original story: Alimarket (by Rosa de Lera)

Translation: Carmel Drake

GGC Acquires El Mirador de Jinámar Shopping Centre for €45M

30 November 2018 – Eje Prime

General de Galerías Comerciales is now the owner of El Mirador de Jinámar. The Socimi led by the Murcian businessman Tomás Olivo has acquired the commercial complex located in the Canary Islands for €45 million. The company has been advised by Cushman & Wakefield during the operation.

El Mirador de Jinámar is the largest retail space in the Canary Islands. The asset has a total surface area of 50,000 m2, of which 11,300 m2 is dedicated to the first hypermarket that Eroski opened in the region. In fact, the Spanish supermarket chain is one of the drivers of the complex, together with the property developer Ambrosio Jiménez.

Since November 2010, the Mirador de Jinámar has housed a total of 120 establishments in its commercial area. Distributed over two floors, some of the tenants of the property include firms from the Inditex group, as well as H&M, Cortefiel and Primark (whose store exceeds 5,000 m2, making it the Irish company’s largest in the Canary Islands).

The complex is located in Jinámar, a neighbourhood located between the municipalities of Las Palmas de Gran Canaria and Telde, the two most important cities on the island. The complex also has a parking area with capacity for more than 40,000 vehicles. In a second phase, which is still pending, the centre is planning to expand its offer to include 45,000 m2 of additional space, which will be allocated to DIY and homeware firms (…).

Meanwhile, General de Galerías Comerciales made its debut on the Alternative Investment Market (MAB) in July 2017. The company has twenty years of experience undertaking its activity right across the value chain, from the purchase of land to the management of assets.

The main assets in its portfolio are retail parks and shopping centres in Spain, such as La Cañada (Marbella), Mediterráneo (Almería), Mataró Parc (Mataró), Gran Plaza (Almería), Las Dunas and Nevada Shopping (Granada). The company also has an extensive portfolio of residential assets and retail premises, as well as land, primarily in the south of Spain. When the company made its debut on the MAB, its portfolio of assets was worth €1.9 billion.

Original story: Eje Prime 

Translation: Carmel Drake

ASG Completes Purchase of the Ruta de la Plata Shopping Centre

5 October 2018 – Eje Prime

ASG is now the owner of 100% of the Ruta de la Plata shopping centre. After completing the acquisition of the hypermarket, the real estate group has now acquired the entire commercial complex located in Cáceres, according to reports from the company.

Inaugurated in 1993, Ruta de la Playa has a surface area of 8,300 m2. ASG is planning to carry out a project to refurbish and modernise the facilities during the last quarter of this year and the first half of 2019.

The objective of the company is to generate a new offer in both the retail and restaurant areas of the complex. The transformation of the commercial surface area is expected to make way for the entry of up to twenty new operators.

Currently, the portfolio of ActivumSG in Spain (which operates in the country under the brand ASG) comprises a dozen assets, with the exception of the two that it divested in recent months, located on c/ Manuel de Falla and c/Santa Leonor, both in Madrid. Even so, the operation that caused the fund to jump to the fore was its purchase of the Mercado de Fuencarral.

Original story: Eje Prime

Translation: Carmel Drake

Equilis Invests €120M in a Commercial Complex in Esplugues

27 June 2018 – El Mundo

The Belgian real estate firm Equilis is finalising a new shopping centre in Esplugues de Llobregat, which is expected to be inaugurated in November; 90% of the stores in the complex have already been commercialised. The centre, which has received investment of €120 million and which has employed 1,000 people for its construction, will receive up to 8 million visitors per year and will create 500 more jobs once it begins operation, according to forecasts prepared by the company.

The macro-project from the company controlled by the Mestdagh family is a first step in its expansion in Spain, where it expects to begin six projects with a value of €750 million over the next few years, two of which will be in Cataluña, which will receive investment of €200 million – including Esplugues – and four in the rest of the country.

Finestrelles Shopping Center, as the commercial complex in Esplugues is known, is located in the Ca n’Oliveres sector, in the neighbourhood of Can Vidalet, on the plot that exists between Calles Laureà Miró and Sant Mateu. It will have two tunnels that will connect the space with Ronda de Dalt and la Avenida Diagonal.

The surface area of the complex will span 40,000 m2, distributed over five floors, two of which will be dedicated to parking and the rest for commercial use. The centre will contain 110 stores as well as a hall of residence for students with almost 375 beds and a hypermarket. “For the time being, there won’t be any cinemas, but we are not ruling that out”, said Víctor Gómez (pictured above), CEO of the company in Spain.

Original story: El Mundo 

Translation: Carmel Drake

Savills IM: Inv’t of €500M per Year Until 2022 Following Purchase of Aguirre Newman

26 June 2018 – Eje Prime

Savills Investment Management (Savills IM) is getting its chequebook out in Spain. The fund manager of the real estate consultancy firm is looking for new investments in the country six months after integrating Zaphir Asset Management into its structure under the framework of the acquisition of Aguirre Newman by Savills. Savills IM’s plans involve investing €500 million per year in Spain until 2022.

According to explanations provided by Fernando Ramírez de Haro, Director of the Savills IM office in Spain, speaking to Eje Prime, the fund manager forecasts building an asset portfolio on the Iberian Peninsula worth €2 billion, up from its current value of €480 million.

The company is now starting an ambitious positioning strategy in Spain, “having completed the integration of Zaphir”. Ramírez de Haro, who leads Savills IM’s office following the corporate operation, served as the Director General of Zaphir since 2007. Savills announced the acquisition of Aguirre Newman in July last year, but the operation was not completed until December when Savills IM integrated Zaphir.

The company is currently analysing investments worth €750 million in Spain, although the group is also considering entering the Portuguese market. Even though in 2017, the company’s most active markets were the United Kingdom, Italy and Japan, the forecasts of Ramírez de Haro indicate that Spain will become the fourth most important European market for the group, behind the United Kingdom, Italy and Germany.

Savills IM’s current portfolio in Spain comprises thirteen assets or projects. Half of them correspond to investments in offices, 25% to retail, 17% to residential and 7% to logistics, according to Ramírez de Haro. One of the most recent operations signed by the group was the purchase, in May, of a hypermarket operated by Eroski in San Sebastián for €48 million.

The executive maintains that the company is looking for opportunities across the four segments, especially in retail and offices. “I do not want to say that logistics is not important, it is and very much so, but it is the segment that is suffering from the most acute shortage in terms of supply”, he said. “In terms of retail, a negative vision is coming from the USA, but for us, that is not the case, provided you look for assets that are not so dependent on online sales, such as retail parks, high street stores, outlets and shopping centres linked to food”, he maintains.

Savills IM combines three types of operations: the first is the management of funds raised in Europe (especially in Germany): the second involves the mandates of global investors; and the third is to support value-added funds in their investments in Europe. Whilst in the first case, the average investment in terms of own funds is between €20 million and €80 million, international mandates tend to be upwards of €100 million and value-added operations typically range between €15 million and €100 million.

The fund manager has a workforce of sixteen people in Spain, fifteen of whom come from the former Zaphir structure and one from Savills IM. The group expects to have 22 employees in five years time.

On the global stage, Savills IM has a workforce of 300 employees and eighteen offices. In 2017, the group recorded transactions worth €5.5 billion: €4.5 billion in Europe and €1 billion in Asia. The company plans to spend €1 billion in own funds in 2018 for the acquisition of new assets in Europe and Asia.

Original story: Eje Prime (by J. Izquierdo & P. Riaño)

Translation: Carmel Drake

Savills IM Buys a Hypermarket in San Sebastián for €48M

23 May 2018 – Expansión

The fund manager Savills Investment Management (Savills IM) has purchased a hypermarket in the Garbera shopping centre in San Sebastián for €48 million.

The agreement, closed with an international institutional investor, has been completed in an off-market operation.

The investment, made by Savills IM on behalf of the European investment fund European Retail Fund (ERF) reflects a net yield of approximately 5%.

The hypermarket has a total surface area of 14,200 m2 and is operated by Eroski.

Specifically, the hypermarket is located on the ground floor of the Garbera shopping centre, which is owned by Unibail Rodamco. It is the dominant shopping centre in the region, according to the fund manager.

Fernando Ramírez de Haro, Director General at Savills Investment Management for Spain and Portugal, said that, with this operation, the fund manager is growing its footprint in the Iberian Peninsula, with a regional portfolio of assets under management amounting to almost €500 million.

“Spain and Portugal are a strategic priority for 2018 and the next few years, both for Savills IM and for its clients and strategic partners. To that end, we are going to continue studying the market in an active way and we are convinced that we will be able to bring to fruition several investment opportunities over the coming months”, added Ramírez de Haro.

Savills IM, with offices in almost twenty cities around the world, was managing assets with a total value of approximately €16.6 billion at the end of last year.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

Carrefour’s RE Subsidary Acquires 6 Shopping Centres for €182M

4 May 2018 – El Economista

Carmila, the real estate subsidiary of Carrefour, has acquired six shopping centres next to its hypermarkets in Spain from the fund Pradera European Retail, for a total consideration of €182 million and with an average yield of 6.3%, according to a statement issued by the French company on Friday.

Through these new acquisitions, the group plans to renew these spaces with the aim of revitalising them towards a family concept to optimise occupancy rates and strengthen their activity with the deployment of digital marketing tools, such as websites, databases and service kiosks.

The company’s new assets, which have been financed through bond debt amounting to €350 million issued in February, are located in Córdoba, Cádiz, Sevilla, Alicante and in Barcelona, where it has acquired two shopping centres.

At the end of last year, Carmila’s total portfolio comprised 206 shopping centres, located in France, Spain and Italy, worth €5.8 billion in total. The company, which is listed on the Euronext stock exchange in Paris, will hold its General Shareholders’ Meeting on 16 May and will present its half-year results on 27 July.

Original story: El Economista

Translation: Carmel Drake

Carmila Buys Gran Vía de Hortaleza Shopping Centre in Madrid from Klépierre

5 February 2018 – Eje Prime

Carrefour is expanding its project to increase the value of the shopping centres adjacent to its hypermarkets in Spain. Carmila, the management vehicle created by the French food group, has paid €212 million for a portfolio of two complexes, including the Gran Vía de Hortaleza shopping centre in Madrid. The other asset acquired by the company is the Gran Vitrolles shopping centre, located in Marseille (France).

Gran Via de Hortaleza was opened in 1992 and is located in the northeast of the Spanish capital. The complex spans two floors and is home to a Carrefour hypermarket measuring 10,950 m2, ranked as one of the brand’s five largest stores in Spain. Moreover, Gran Vía de Hortaleza has 69 stores spread over a surface area of 6,300 m2 and outdoor space for 1,700 parking spaces.

Each year, the centre receives 6.3 million visitors and it has a penetration rate of 54% in the area in which it is located, according to Business Inmo. Companies that have a store in Gran Vía de Hortaleza include Mango, Promod, Okaidi, Calzedonia, Primor, Fosco, Rodilla, 100 Montaditos, Alain Afflelou and Burger King, amongst others.

Carmila’s objective with this shopping centre is to renovate it and convert it into a “family space”, as reported by the company, which is seeking, amongst other aspects, to improve the occupancy rate of the complex from its current value of 92.7%.

The other shopping centre acquired by Carrefour’s real estate manager is Grand Vitrolles. Located in Marseille, it is a large retail complex with 84 stores spread over a surface area of 24,530 m2 and a Carrefour hypermarket measuring 20,500 m2.

Outside, that shopping centre has parking with capacity for 4,709 vehicles. Carmila will expand the complex by 11,700 m2 to increase the number of stores to 130 units.

Original story: Eje Prime

Translation: Carmel Drake

CBRE GI Sells Berceo Shopping Centre in Logroño for c. €105M

29 January 2018 – Metros.com

CBRE Global Investors has successfully completed the sale of the Berceo Shopping Centre in Logroño, for almost €105 million. The sale, to one of the funds administered by Barings, forms part of a limited divestment program of assets that have been optimised by CBRE Retail Property Fund Ibérica (RPFI).

The Berceo Shopping Centre was acquired in 2004. It houses 98 tenants, including Primark, H&M, Media Markt and Zara. Moreover, it is home to a Carrefour hypermarket, which opened recently.

Original story: Metros.com

Translation: Carmel Drake