Tag: Redevco Iberian Ventures

Redevco & Ares Invest €45M in the Renovation of Parque Corredor

26 September 2018 – Eje Prime

Redevco and Ares are pampering their new asset. Redevco Iberian Ventures, the joint venture between the two companies, is going to spend €45 million on the renovation of Parque Corredor, the retail complex in Torrejón de Ardoz (Madrid) that it purchased at the beginning of the year.

The owner expects the work to completely renovate the asset, which spans a surface area of 123,000 m2, to begin in 2019. Moreover, the company has already signed the renewal of Primark’s rental contract in the centre and is closing agreements for the incorporation of new chains.

The project will focus initially on the fashion area, creating new façades and accesses. It will also modernise the parking lot, which contains 4,000 parking spaces, and will renovate the common areas and the lighting.

The new design has been created by the architecture studio Chapman Taylor. The execution of the project will be led by the architecture studio Arpv and coordinated by Gleeds. Cushman&Wakefield is managing and marketing the retail spaces.

Redevco Iberian Ventures acquired 70% of Parque Corredor in February for €140 million. Another 20% is controlled by Alcampo and the remaining 10% is in the hands of small owners. Over the last twelve months, the complex has received 11 million visitors, 4% more than during the same period in the previous year. Its offer includes several Inditex chains, H&M, Mango, Kiabi and C&A.

Original story: Eje Prime

Translation: Carmel Drake

Vukile Increases Castellana Properties’s Share Capital by €7M to Fund New Purchases

12 June 2018 – Eje Prime

The South African fund Vukile is looking after its investment vehicle in Spain. The Socimi Castellana Properties has increased its share capital by €7 million to undertake new purchases, according to explanations provided by the group to Eje Prime. The company is whereby continuing with its investor appetite, which was sated in May with the purchase of the Habaneras shopping centre for €80.6 million.

“Castellana Properties is immersed in an ambitious growth process”, explain sources at the company. “Last year, the Socimi acquired eleven retail parks in Spain for approximately €300 million, to become a strategic player in the real estate sector and, specifically, in the retail sector”, explain sources at the company.

“The capital increase forms part of this growth strategy; it will allow us to increase the company’s financial capacity to undertake new and exciting projects”, they conclude. Following this increase, the resultant subscribed share capital will amount to €33.4 million. The South African fund Vukile now has a portfolio containing thirteen shopping centres in Spain and an investment made to date of €290 million across the whole Spanish market.

Since last year, the group has closed several operations in the Spanish market. Redevco Iberian Ventures, the joint venture between the real estate company specialising in retail Redevco and funds managed by the global alternative asset manager Ares Management, sold nine retail parks to the Socimi for €193 million.

In December, the group acquired two retail spaces in Granada and Murcia with an investment of €65 million. Alameda Park has a surface area of 25,000 m2 and was acquired for €54.6 million, whilst Pinatar Park occupies 10,637 m2 and involved an outlay of €10.7 million.

The only operation signed by Vukile and Castellana Properties so far this year has been the purchase of the Habaneras shopping centre for more than €80 million. The complex was constructed in 2005 by Metrovacesa. Since then, the asset has passed through the hands of Unibail-Rodamco, in 2008 and Harbert, which acquired Habaneras for €65 million.

That centre has a gross leasable area of 24,158 m2 and contains 70 stores distributed over three floors and more than 800 parking spaces. Its tenants include operators such as Zara and H&M. The Habaneras shopping centre received 4 million visitors last year and recorded operating revenues of €5 million.

Original story: Eje Prime

Translation: Carmel Drake

Patron Capital Acquires Los Alcores Shopping Centre

30 April 2017 – ABC

A constant and silent trickle of investments has seen a significant number of the shopping centres in Andalucía change hands. The latest operation was closed in March, when the investment fund Patron Capital – which is headquartered in London and which has a portfolio worth more than €5,000 million – acquired Los Alcores, the most well-known establishment in Alcalá de Guadaíra (with a leasable area of 124,000 m2). Its tenants include H&M, Lefties, Bershka, Stradivarius and Cinesur.

The shopping centre, located at the foot of the A-92 motorway, has belonged to Incus Capital since 2013, just like El Mirador (in Cuenca) and Alzamora (in Alcoy). Now, these three properties have been acquired by Patron Capital, which has joined forces with the firm Eurofund to invest more than €13 million modernising the properties.

According to the experts, the operation makes sense, “Los Alcores is located in an area that will be served by the metro in the near future and which has large residential projects underway nearby, such as Hacienda Rosario being constructed by Aedas Homes; it is highly visible from the motorway and its tenants include many household names”, said Rosa Madrid, Director of CBRE in Andalucía, the firm that advised the operation.

A report by this consultancy highlights that the shopping centre business has “been recovering for several years and recorded a successful year in 2016”. Behind this rise is “the increase in consumption and, therefore, the good indicators in terms of visitor numbers and sales, which improved by 3.1% and 1.6%, respectively (taking the portfolio of shopping centres managed by CBRE in Spain as a sample)”.

From there, the significant interest from the major commercial brands in growing again, “which has allowed shopping centre occupancy rates to increase at a good pace”. In the CBRE portfolio, “the average occupancy rate rose from 89.6% to 93.9% between 2014 and 2016, figures that illustrate the improvement in the sector”.

If we look at what has happened over the last twelve months, it is clear that this sector “is on a roll”. At the end of 2016, the Via Outlet group – in which the London-based giant Hammerson owns a stake – purchased The Style Outlet in the town of San José de la Rinconada (better known as “The Airport Factory”). Until now, that establishment has belonged to a fund promoted by the Spanish real estate company Neinver (controlled by the Losantos family). Its major rival, the Outlet de Dos Hermanas, had already been acquired by Green Oak, just a few months earlier.

Major sales

These operations joined a long list, which also includes Grupo Lar, which sold the Airesur de Castilleja de la Cuesta shopping centre to CBRE Global Investors. And an Andalucían company has also made money in this wave, specifically, the case of Bogaris, which sold six retail parks in Andalucía and Extremadura to Redevco Iberian Ventures in the middle of last year for €95 million (including Kinepolis Pulianas, las Marismas del Polvorín and the Motril retail park).

And the activity does not end there: Axiare Patrimonio purchased the Viaparck shopping centre in Almería for €20 million; Alpha Pyrenees Trust bought the Connecta shopping centre in Córdoba….and just a few weeks ago, New Winds Group (the owner of the Windsor building in Madrid) purchased Málaga Plaza shopping centre. Just another sign of the good health of a business that is taking off again.

Original story: ABC (by Luis Montoto)

Translation: Carmel Drake

Redevco Iberian Ventures Buys 6 Retail Parks From Bogaris For €95M

27 April 2016 – Expansión

The shopping centres are located in Extremadura and Andalucía and have a combined surface area of 84,250 m2.

Redevco Iberian Ventures, the joint venture created between Redecvo and the funds managed by Ares Management, has acquired six retail parks located in Extremadura and Andalucía from the property developer Bogaris for approximately €95 million.

The parks, which have a combined surface area of 84,250 m2, are leased almost in their entirety to tenants such as the supermarket chains Mercadona, Aldi and Día, the fashion brands C&A, Kiabi and Merkal Calzados, and operators Burger King, Media Markt, Sprinter and Aki Bricolaje.

Specifically, the parks are: Mejostilla, in Cáceres; Kinepolis Pulianas, in Granada; Marismas del Polvorín, in Huelva; La Heredad, in Mérida; Retail Park, in Motril; and La Serena, in Villanueva de la Serena.

Ares and Redevco announced the creation of Redevco Iberian Ventures in September 2015 and following this operation, the total capital invested by the joint venture now exceeds €200 million. JLL and Deloitte acted as advisors to Redevco Iberian Ventures in the operation.

Original story: Expansión

Translation: Carmel Drake