Posts Tagged ‘shopping centre’

SICAD buys Cartagena mall from Perella Weinberg

Monday, November 14th, 2011

Spanish unlisted construction firm SICAD has acquired the Mandarache shopping centre in Cartagena from Perella Weinberg Capital Partners. The asset formed part of a €300m Royal Bank of Scotland (RBS) debt package.

SICAD, Sociedad Industrial Cartagenera de Desarrollo, also owns the Parque Mediterráneo mall in the same city. The Mandarache mall, with 26,976 sq.m. of retail accomodation and 1,200 parking spaces, opened in 2006 after a €35m investment but has struggled to achieve full occupancy, with most units now empty. Ownership passed to RBS in early 2009 after the developer, Union y Desarrollos, went into receivership.

The mall was acquired as part of the debt package by Perella Weinberg Capital Partners, a New York-based financial and asset management firm, earlier this year.

For more information on this retail shopping centre investment transaction and other investment transactions in the Spanish real estate market contact | i-comparables.com

Värde exchanges contracts on Spanish retail portfolio deal at bargain price

Wednesday, November 9th, 2011

The US opportunistic investor Värde Partners is close to finalising the purchase of a retail portfolio across Spain currently owned by APN European Retail Property Group.

The Minneapolis based opportunistic investor is making its first purchase in the Spanish market with the acquisition of four assets. Värde is understood to be paying €70m in cash for the properties. Although there has been comment in the market that Spanish broker Aguirre Newman is advising the buyer and that Jones Lang LaSalle is advising the seller, i-comparables has been unable to confirm this.

The portfolio comprises La Vega retail mall in Madrid; two retail warehouses with three tenants located close to Pamplona, Navarra; the 31,000 m2 Cuadernillos Retail & Leisure Park in Alcala de Henares, Madrid and the Festival Park, factory outlet centre, in Palma de Mallorca.

According to PropertyEU, APN and RBS (the lender) put the assets on the market in May this year. Indicative offers were submitted by June, with three parties selected to make binding bids by end-July. However, due to growing financial market volatility and tighter financing, the vendors decided in September to re-open the bidding process to new buyers, including Värde, which recently emerged as the preferred party.

For more information on Spanish retail investment and other property transactions contact | i-comparables.com

Acciona sells Splau! mall to Unibail-Rodamco for €185m

Monday, October 10th, 2011

Madrid-based infrastructure and renewable energy firm Acciona has sold the 54,000 square-metre Splau! mall in Barcelona to French/Dutch real estate investment trust Unibail-Rodamco for €185m, in a sale aimed at cutting debt, according to Spain’s National Stock Market Commission (CNMV).

“The sale is part of our mature asset rotation policy in order to maximize growth potential and returns on investment,” Acciona said in a statement.

Acciona had initially been seeking €200m for the shopping centre, which comprises 160 retail units, including brands such as Zara, H&M, MediaMarkt, an 18-sala cinema and a Mercadona supermarket. Acciona built the mall in conjunction with Grosvenor and Lar Group but took full control of it in 2007.

Jones Lang LaSalle represented the vendor in the transaction.

For more information on this transaction and other retail investment deals in Spain contact | i-comparables.com