20 July 2018 – Eje Prime
Ores is still on its shopping spree in Spain. The Socimi owned by Bankinter and Sonae Sierra has acquired the Millenium retail park in Madrid from the property developer Procinco for €31 million. The investment reinforces the new asset purchase plan that is being developed by the company, the most active of the entities listed on the Alternative Investment Market (MAB) so far this year.
Millenium is a commercial complex located in El Carralero, within the municipality of Majadahonda, which was inaugurated in 2002. It has a gross leasable area of 11,353 m2 and its tenants include Media Markt, Aldi and Toys’r’us. Savills Aguirre Newman and JLL have advised Procinco on the sale.
“This operation demonstrates the high degree of interest from institutional investors in retail parks in Spain”, says Salvador González, National Director of Capital Markets at Savills Aguirre Newman.
In June, Ores purchased a package of four retail premises from Inditex for €12.5 million. With these latest operations, the Socimi is continuing with its new growth phase, which is going to be financed with a €140 million loan. With that financial injection, the group is going to undertake new real estate acquisitions in Spain and Portugal.
Original story: Eje Prime
Translation: Carmel Drake