4 December 2015 – Expansión
The real estate fund Encore+ has completed the purchase of the Bilbondo shopping centre in Bilbao. The property has a surface area of 40,000 m2 as well as 2,000 parking spaces, and was previously owned by another international fund, CBRE Global Investors.
Encore+ has closed the purchase through its management company LaSalle Investment, which shall manage this shopping centre alongside Aviva Investors. The establishment’s main appeal is its high occupancy rate in an area of influence that spans one million people.
The property was acquired from Eroski in 2010 by the then real estate arm of ING (now CBRE Global Investors) for around €50 million. Now, Bilbondo has been transfered for €60 million. “We are very happy to be incorporating this real estate asset into our portfolio, whereby expanding our exposure in Spain, where we expect to see considerable growth”, explains Gil Bar, the fund manager for Encore+ at Aviva.
Through this deal, the fund, which focuses its investments in continental Europe, joins the long list of international companies that have closed purchases of commercial assets in Spain in the last year, such as HIG and Kennedy Wilson, amongst others.
Meanwhile, Mazabi Gestión de Patrimonios, the Spanish group that manages more than €750 million of real estate assets for several large, wealthy Spanish investors, has closed the acquisition of two hotels, the Iberostar Santa Eulalia in Ibiza and the Iberostar Costa del Sol, in Estepona (Málaga) for €60 million.
Original story: Expansión (by R. Ruiz)
Translation: Carmel Drake