Tag: sales of shopping centres

The New Winds Group Acquires the Puerta de Chiclana Shopping Centre

6 January 2020 – The New Winds Group (NWG), controlled by the Saralegui Reyzabal family (former owner of the Windsor building in Madrid), has reached an agreement to acquire the Puerta de Chiclana shopping centre from the Dutch firm Redevco.

Puerta de Chiclana has an area of 14,839 square meters, along with 1,273 parking spaces. Furthermore, the shopping mall is located 16 kilometres from the centre of Cádiz. The supermarket chain Eroski anchors the asset.

El Grupo New Winds (NWG), controlado por la familia Saralegui Reyzabal (ex-propietario del edificio Windsor en Madrid), ha llegado a un acuerdo para adquirir el centro comercial Puerta de Chiclana de la firma holandesa Redevco.

El centro tiene una superficie de 14.839 metros cuadrados, junto con 1.273 plazas de aparcamiento. El centro comercial se encuentra a 16 kilómetros del centro de Cádiz. La cadena de supermercados Eroski ancla el activo.

Original Story: modaes.es – P. R. D.

Translation/Summary: Richard D. Turner

Intu Finalises Sale of Puerto Venecia to Joint Venture for €475 Million

4 January 2020 – The British firm Intu Properties, together with Canada’s CPPIB pension fund, has finalised the sale of the Puerto Venecia shopping center in Zaragoza to a joint venture formed by Generali Real Estate and Union Investment for 475 million euros. The firm’s agreed to the sale, which they had originally announced in the summer, at the very end of 2019, makin it one of the largest such operations of the year.

Puerto Venecia is Spain’s largest shopping centre. The 206,890-m2 mall receives 19 million visitors per year. The centre has a total of 193 stores and a 120,000-m2 leisure centre. The El Corte Inglés, IKEA store and a Leroy Merlin were not included in the deal.

Union Investment will acquire a 50% stake on behalf of fund Unilmmo: Deutschland, while Generali Real Estate will acquire the other 50% for the Generali Shopping Center Fund SCS.

En español

La firma británica Intu Properties, junto con el fondo de pensiones CPPIB de Canadá, ha finalizado la venta del centro comercial Puerto Venecia en Zaragoza a un ‘joint venture’ formada por Generali Real Estate y Union Investment por casi 475 millones de euros. La firma acordó la venta, que originalmente había anunciado en el verano, a fines de 2019, convirtiéndola en una de las operaciones más grandes del año.

Puerto Venecia es el centro comercial más grande de España y el centro comercial de 206.890 m2 recibe 19 millones de visitantes por año. El shopping tiene un total de 193 tiendas y un centro de ocio de 120,000 m2. El Corte Inglés, la tienda IKEA y un Leroy Merlin no se incluyeron en el acuerdo.

Union Investment adquirirá una participación del 50% en nombre del fondo Unilmmo: Deutschland, mientras que Generali Real Estate adquirirá el otro 50% para el Fondo del Centro Comercial Generali SCS.

Original Story: El Confidencial

Translation/Summary: Richard D. Turner

Investments in Shopping Centres Falls Due to Concerns about E-Commerce

18 December 2019 – Investments in 2019 in shopping centres totalled €1.018 billion in the year to September, the lowest level since 2013. The volume of acquisitions in the same period was just 35% of the level in 2018, when it reached €2.9 billion. Analysts expect that total acquisitions for the year will reach between 1.500 and 2 billion euros, according to a report by CBRE.

The fall in investment in the sector is in large part due to the untrammelled growth in e-commerce even as sales in shopping centres remain robust. The revenues generated by e-commerce in Spain increased by 22.2% year-on-year in the first quarter of 2019, reaching €10.969 billion and an 8% market share.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Vukile Goes Quiet After Reports of Takeover Bid for Lar España

31 October 2019 – On September 9, the Spanish daily Expansión published a report stating that the South African fund Vukile, which owns Castellana Properties, was preparing a takeover bid for Lar España. News of the more than €700-million bid led the socimi’s shares to soar by 10.29%, from 6.80 euros to 7.50 euros. Since then, however, Vukile has remained mum on the subject.

Lar España is an attractive asset, with a portfolio of fifteen shopping centres with close to 600,000 square meters of gross leasable area. The portfolio is worth approximately €1.5 billion and includes the Las Huertas shopping centres in Valladolid, Portal de la Marina (Benidorm), Ànecbalu (Castelldefells), Megapark Barakaldo, As Termas (Lugo) and the Lagoh in Seville.

Original Story: Merca2 – Javier Rosell

Adaptation/Translation: Richard D. K. Turner

UBS Acquires The Outlet Stores in San Vicente for €34 Million

8 October 2019 – Savills Investment Management announced that it had sold The Outlet Stores shopping centre in San Vicente, Alicante, to a fund controlled by UBS for approximately 34 million euros.

The Outlet Stores complex is located next to the campus of the University of Alicante. ING Real Estate Development built the centre in 2004 and subsequently sold it to Savills Investment in 2013. The firm invested in an expansion, and it currently has a gross leasable area of ​​about 35,000 meters and an occupancy rate of almost 100%.

The Outlet Stores has tenants including Mango, Guess, El Corte Inglés, Nike and Puma, along with restaurants, cinemas, a gym, bowling alley and a Carrefour supermarket.

Original Story: Diário Información – David Navarro

Adaptation/Translation: Richard D. K. Turner