30 April 2017 – Expansión
The real estate market for shopping centres is unrelenting. In the latest deal, Deutsche Bank has hung the “for sale” sign up over Gran Vía Alicante. The German entity’s real estate division, RREEF, which has engaged the real estate consultancy firm JLL to sell this shopping centre, has already received several offers for the asset.
Whilst the operation has not been closed yet, one of the players lining itself up as a candidate to take over the shopping centre is the British fund Europa Capital.
Moreover, one of the other investors interested in the asset is a consortium formed by Eurofund Capital Partners and Patron Capital and Carmila, the real estate subsidiary owned by Carrefour, according to market sources, which value the asset at just over €50 million.
The centre has a retail surface area of 37,300 m2, however, that figure includes a hypermarket owned by Carrefour, measuring 17,050 m2, which falls outside of the perimeter of this transaction.
Specifically, the retail space for sale, which has a gross leasable area of more than 20,200 m2, contains around 80 stores distributed over three floors, as well as an underground car park with 1,600 spaces.
The shopping centre, inaugurated in November 1998 and renovated in 2012, received almost 5.3 million visitors last year and has an occupancy rate of 95% of its gross leasable area.
The shopping centre’s main tenants include brands such as Primark, H&M, Lefties, Massimo Dutti, Pull & Bear, Juguettos, Calzedonia, Natura and Fosters Hollywood, amongst others.
Gran Vía de Alicante, located on Calle José García Sellés, competes with Plaza Mar 2, the largest shopping centre in the town, spanning 43,600 m2.
In addition, other nearby shopping centres include Parque Vistahermosa, measuring 34,000 m2, San Vicente Outlet Park, measuring 36,500 m2 and Puerta de Alicante, measuring 34,500 m2.
Shopping centres are one of the real estate assets that have sparked the most interest amongst investors in recent years.
In 2016 alone, more than €3,700 million was invested in this segment, which constituted the second largest market in the real estate sector after the office segment.
The main operations closed last year included the sale of Diagonal Mar (Barcelona), which was acquired by Deutsche Bank from Northwood in August for €495 million, and the sale of Gran Vía de Vigo, which the Socimi Lar España acquired from Oaktree for €145 million.
So far in 2017, another mega-operation has been closed with the British fund Intu’s acquiring the Xanadú shopping centre (Arroyomolinos, Madrid) for €530 million from Ivanhoé Cambridge.
Original story: Expansión (by Rebeca Arroyo)
Translation: Carmel Drake