Tag: Seva

Deutsche Bank Acquires L’Aljub Shopping Centre in Elche for €170M

8 May 2018 – Expansión

Deutsche Bank is increasing its commitment to the Spanish retail sector by adding the L’Aljub shopping centre in Elche to its portfolio of assets in Spain.

Specifically, the German bank has signed an agreement with the fund Seva (Southern European Value-Add Mandate), managed by TH Real Estate for the investors TPG Real Estate – the real estate platform of the international manager TPG – and Partners Group, for €170 million.

The operation has been advised by the consultancy firm Cushman & Wakefield, which has worked with the vendor, whilst CBRE has advised on the buy side.

With this acquisition, the entity is strengthening its position in the commercial sector in the country. In August 2016, Deutsche Bank purchased the Diagonal Mar shopping centre from Northwood for €495 million. That operation was the second largest transaction ever closed in the shopping centre sector in Spain, after the purchase of Xanadú.

Moreover, Trajano – the Socimi managed by Deutsche Bank – purchased the Alcalá Magna shopping centre from Incus Capital for just over €100 million at the beginning of last year. In addition, the firm also owns the Salera shopping centre in Castellón de la Plana.

The L’Aljub shopping centre was inaugurated in 2003 and spans more than 60,000 m2, spread over two floors and with a large underground car park.

Besides the commercial and leisure offering, L’Aljub is home to an Eroski hypermarket on the ground floor.

Specifically, the shopping centre contains 120 shops and has 3,200 parking spaces. Its most high-profile tenants include Inditex, H&M, Primark, Mango and Cines ABC.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Deutsche Bank Negotiates Purchase Of L’Aljub Shopping Centre

9 November 2017 – Expansión

The real estate sector is heading for a new investment record this year and shopping centres are one of the star segments on the rise. Deutsche Bank, which marked a milestone in 2016 with its purchase of Diagonal Mar, wants to strengthen its position in this market and to this end, is negotiating the acquisition of the L’Aljub shopping centre, located in Elche. The operation could be closed for a price of more than €170 million, according to market sources.

L’Aljub is currently owned by the fund Seva (Southern European Value-Add Mandate), managed by TH Real Estate for the investors TPG Real Estate – the real estate platform of the international manager TPG – and Partners Group. The consultancy firm Cushman & Wakefield is advising the vendor and CBRE the buyer.

This investment vehicle, which also owns two other retail assets in Italy, has a combined value of €300 million. The three assets were acquired a year ago from TH Real Estate for €250 million.

In addition to the retail and leisure premises, L’Aljub also houses an Eroski hypermarket on the ground floor. TH Real Estate purchased that store from Eroski a month ago through this investment vehicle for €18.7 million.

This investment in L’Aljub includes the hypermarket, which has a surface area of 9,900 m2, as well as the space leased by Primark (4,500 m2) and the gas station (200 m2), operated by Eroski.

The shopping centre was inaugurated in August 2003 and has a surface area of more than 60,000 m2, spread over two floors, as well as an extensive underground car park. The centre is home to 120 stores and 3,200 parking spaces (free of charge). Some of its most high profile operators include Inditex, H&M, Primark, Mango and Cines ABC.

If the negotiations prove fruitful, Deutsche Bank would strengthen its position in the retail segment in Spain. Last year, the company purchased the Diagonal Mar shopping centre (Barcelona) for almost €500 million. After the purchase of Xanadú, that operation was the second largest ever closed in the shopping centre segment.

Investment

Another example of the interest in this type of asset was the purchase of Xanadú by Intu Properties in March for €530 million. Subsequently, the British created a company with TH Real Estate to share ownership of the Madrilenian shopping centre.

Banca March has also decided to back this kind of asset with the purchase of the ABC Serrano shopping centre in Madrid this summer for €130 million, debt included. Meanwhile, Klépierre acquired Nueva Condomina in Murcia for €230 million earlier this year.

In this way, investment in the segment during the 10 months to October amounted to €2,300 million, which suggests a high volume year, behind only the historical maximum, recorded last year, of €2,700 million.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

TH Real Estate Buys Hypermarket In L’Aljub Shopping Centre For €18.7M

17 October 2017 – Observatorio Inmobiliario

TH Real Estate has purchased the hypermarket premises in the L’Aljub Shopping Centre in Elche, from Eroski, through its investment vehicle SEVA (Southern European Value-Add Mandate) for €18.7 million. SEVA is a vehicle managed by TH Real Estate for the investors TPG Real Estate and Partners Group, focusing on value-added investments and returns within the retail sector in Southern Europe. Including L’Aljub, this vehicle includes three assets managed in Spain and Italy, worth more than €300 million.

This investment in L’Aljub involves 9,900 m2 of space corresponding to the hypermarket, as well as 4,500 m2 of space occupied by Primark and a 200 m2 petrol station, operated by Eroski.

TH Real Estate is planning to carry out improvements at the property. Eroski will continue as the tenant and will undertake a restructuring of the space, which will reduce the hypermarket space to 5,100 m2. That will free up approximately 4,800 m2 of leasable space for the entry of new operators, whereby expanding the shopping centre area, which currently receives more than 7 million visitors per year, on average.

The L’Aljub shopping centre, which is owned by TH Real Estate, has a constructed surface area of 43,000 m2 and contains more than 100 stores. It is home to many of the major fashion, leisure and restaurant brands, such as H&M, Inditex, Primark and ABC cinemas. It is located in the city of Elche, 20km away from Alicante and 50km from Murcia, which makes it a strategic enclave on the southern axis of the Mediterranean Arc.

“We are very happy with the completion of this transaction and we are hoping to carry out the activities and remodelling work necessary to equip this asset with greater added value, as well as promote the incorporation of new operators, which will be very positive for clients visiting the centre”, said Marta Cladera de Codina, Director of TH Real Estate for the Iberian Peninsula.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

TH Real Estate, TPG & Partners Group Create New RE Fund

3 November 2016 – Expansión

TH Real Estate, TPG Real Estate and Partners Group have created a new fund, which will focus on opportunistic and value added investments in the retail segment in Italy, Spain and Portugal.

The initial capital for the fund, which is called “Southern European Value-add Mandate” or Seva, comprises three retail assets located in Spain and Italy, worth more than €250 million. The fund will be managed from TH Real Estate’s offices in Madrid.

“This opportunistic and value added joint venture is looking for other assets that may benefit from remodelling, reconfiguration and brand renovation to offer greater value”, explained the Director of TH Real Estate for the Iberian Peninsula, Marta Cladera de Codina (pictured above).

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake