2 October 2017 – Expansión
Spanish shopping centres continue to be objects of desire for international investors and, specifically, for private equity funds. One of the latest to back this segment is the British fund Europa Capital, which has just closed an agreement with the real estate subsidiary of Deutsche Bank, Rreef, to acquire Gran Vía de Alicante, one of the largest shopping centres in the area.
Market sources have explained to Expansión that the operation has been closed for €52 million. The real estate consultancy JLL has advised the vendor in the process, whilst LyC and Savills have advised Europa Capital.
According to the same sources, the sales process, which opened in March, sparked interest amongst numerous investors, including Eurofund Capital Partners and Patron Capital, as well as Carmila, the subsidiary of Carrefour.
This shopping centre first opened its doors in 1998 and was renovated in 2012. The asset has a gross leasable area of 37,314 m2, spread over three floors, and includes a hypermarket occupied by Carrefour, which does not form part of the perimeter of this operation. The asset also includes a car park with 1,600 parking spaces.
Specifically, more than 70% of the asset’s surface area is leased to fashion brands such as Primark, Lefties, Pull&Bear, H&M, Bershka, Massimo Dutti and Deichmann. Moreover, the shopping centre’s other tenants include restaurant brands such as Foster’s Hollywood and Lizarrán.
Last year, the shopping centre received 5.3 million visitors, up by 2.7% compared to the previous year. Gran Vía Alicante has increased the number of visitors almost continuously since Primark opened a store in the centre five years ago. That also resulted in a rise in sales, which exceeded €32 million last year, representing a YoY increase of 5.3%.
The asset, located at number two Calle José García Sellés, competes with Plaza Mar 2 – the largest shopping centre in the municipality – with a gross leasable area of 43,684 m2.
Other shopping centres located close to Gran Vía Alicante include Parque Vistahermosa, measuring 34,000 m2; San Vicente Outlet Park, measuring 36,500 m2; and Puerta de Alicante, measuring 34,500 m2.
The purchase of Gran Vía Alicante by Europa Capital follows other operations closed recently in the region.
In this way, last year, TPG purchased the L’Aljub de Elche centre for €100 million for TH Real Estate. Meanwhile, Lar España acquired the Portal de la Marina shopping centre in Ondara (Alicante) for €14.5 million, and the Socimi in which Pimco holds a stake bought the Vistahermosa retail complex, which is located very close to the centre in Alicante, for €42.5 million.
Original story: Expansión (by Rebeca Arroyo)
Translation: Carmel Drake