Fund manager AEW has acquired the Planetocio retail and leisure centre for €20 mln on behalf of one of its funds from Spanish REIT Axiare.
The centre was built in 2001 and offers 21,000 m2 of retail and leisure space across 40 units. Major tenants include Media Markt and Yelmo Cinema, as well as a number of well-known food and beverage brands including McDonald’s, Pizza Hut and Vips.
The Planetocio centre is located in Collado Villalba, Madrid, and serves the Sierra de Guadarrama residential area. It benefits from three million visitors per year.
Commenting on the acquisition Russell Jewell, head of private equity funds for AEW in Europe, said: 'Planetocio is well placed to serve the retail and leisure needs of a large and affluent residential community in the Madrid region. Planetocio offers a number of asset management opportunities that will further improve and differentiate the already strong tenant line-up to better serve the demands of the local catchment.'
AEW was advised by Hogan Lovells, Malcolm Hollis and Catella Asset Management Iberia. Liberbank were the financing bank. Axiare was advised by CBRE and EY.