British Land and the closed-end fund Pillar Retail Europark Fund (PREF) have formed a joint venture to acquire Nueva Condomina, a regional shopping centre and retail park in Murcia, southeastern Spain for around EUR 350 mln. The newly developed site is owned by Deparcom, a joint venture between Eroski and Grupo Trusam. Property consultant Cushman Wakefield advised British Land and PREF.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
