German Fund Deka Puts Ballonti Shopping Centre (Vizcaya) Up For Sale

26 February 2018 – Expansión

Deka wants to make some cash and has hung the “for sale” sign up over the Ballonti shopping centre, located in the municipality of Portugalete (Vizcaya). The German fund, which acquired the asset in 2010, at the height of the economic crisis, has decided now, eight years later, to put it up for sale and has engaged the consultancy firm CBRE to manage the process, according to reports from market sources speaking to Expansión.

The German group purchased the shopping centre from Eroski for €116 million and the current valuation could reach €150 million, in such a way that Deka could obtain significant capital gains from the sale.

In any case, sources in the sector consider that the timing of the operation will depend on the evolution of the sales process involving a portfolio of three shopping centres by Sonae and CBRE Global Investors, which is expected to come onto the market within the next few days. That portfolio of assets, which includes the Gran Casa shopping centre (Zaragoza), the Valle Real shopping centre (Cantabria) and the Max Center (Barakaldo), may be sold for around €500 million.

Ballonti, inaugurated in 2008, has a surface area of more than 50,000 m2 spread over two floors, and its tenants include Primark, H&M, Springfield, Bershka, Pull & Bear, Stradivarius, Lefties and Women’s Secret. Moreover, the shopping centre is home to a large Eroski hypermarket spanning a surface area of more than 13,000 m2.

The retail space includes an upper floor dedicated to leisure with a cinema, an adventure park, a gym and a restaurant area with brands such as Burger King, Foster’s Hollywood, 100 Montaditos, Krunch, Mr Wok, Café and Bodega Ballonti.

Investor appetite

After the significant investment drive in shopping centres last year, which ended with a transaction volume of around €2.7 billion, thanks to record operations such as the purchase of Xanadú, in Arroyomolinos (Madrid) for €530 million, investor appetite is expected to be maintained this year.

According to data from the Spanish Association of Shopping Centres and Retail Parks (AECC), last year, 29 transactions were closed involving 36 assets for €2.7 billion, which represents growth of 35% with respect to the previous year.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Generali Acquires c/Preciados, 9 For c. €100M

14 March 2017 – Real Estate Press

CBRE GI and IBA Capital have sold the building located on Calle Preciados, number 9, in Madrid for around €100 million. The property, which is currently being renovated, is leased to the Inditex brand Pull & Bear. The real estate consultancy firms JLL and Colliers have advised the sale operation.

Inditex will open a flagship Pull & Bear store in the property, which it leased on the advice of the real estate consultancy Inmored, itself part of The International Retail Network. The store will have a surface area of 2,400 m2, on one of the busiest high streets in Madrid, and is located just a stone’s throw away from La Puerta del Sol.

The former owners, IBA Capital and CBRE GI, entrusted the sales mandate to JLL and Colliers.

The property was acquired from El Corte Inglés by IBA Capital, which subsequently allowed CBRE GI to enter the deal in an operation that included the ABC Serrano shopping centre.

Generali Real Estate, the new owner, is one of the largest global mangers, with a presence across the main markets in Europe. Generali has made its first foray into the retail segment in Spain in a prime location and with one of the world’s leading retailers as its tenant.

Original story: Real Estate Press

Translation: Carmel Drake

MDSR Investments Buys Travesía De Vigo Shopping Centre For €49M

3 November 2016 – Real Estate Press

The establishment, located in the city centre, has a surface area of more than 65,000 m2, of which 24,736 m2 is dedicated to retail space, according to data from the Spanish Shopping Centre Association.

Inaugurated in October 2003, the shopping centre is leased out almost in its entirety to tenants such as Carrefour, several brands from the Inditex group, including Pull & Bear and Stradivarius, as well as Corfefiel, Springfield and WomenSecret. In addition, it has an underground car park with more than 1,500 parking spaces.

This is the fifth investment that the Israeli fund has made in Spain in less than a year. In this way, in recent months, MDSR Investments has acquired the following retail parks: La Dehesa in Alcalá de Henares, Connecta in Córdoba and Puerta del Ave in Ciudad Real, as well as the Mercado de Campanar shopping, leisure and restaurant complex in Valencia.

“Our objective is to acquire more commercial assets and become a key player in the market for retail spaces in Spain within a short period of time”, said Annalaura Benedetti, Head of MDSR Investments in Spain.

Until now, the shopping centre was controlled by Meteore Alcala y Pradera, a British fund that owns 43 shopping centres and business parks across several European countries, which are worth around €2,000 million.

The real estate consultancy firm Catella has advised the vendors in the operation whilst the Pérez-Llorca has provided legal advise to the buyer. “This acquisition consolidates the appetite from institutional investors for shopping centres with a significant area of influence and first-rate tenants”, said Carlos López, Partner at Catella.

Original story: Real Estate Press

Translation: Carmel Drake