CBRE GI puts €150m Catalan shopping centre up for sale

CBRE Global Investors is understood to be looking for a buyer for the Parc Central shopping centre in Tarragona, to the south-west of Barcelona, PropertyEU has learned.

The scheme encompasses 110 shops over 32,000 m2 of retail space and includes a multiplex, an Eroski hypermarket as well as 1,000 parking spaces.

Market sources say the property is likely to fetch around €150-160 mln. The sale process, managed by C&W, is still at an early stage.

CBRE GI declined to comment.

Parc Central is one of the largest retail assets currently being marketed in Spain, where transactions so far have been lagging far behind 2018 levels.

Blackstone’s sale of the Espacio Leon shopping centre launched last month hasn’t sparked much interest yet,  according to those who track the market, while Intu is believed to be in advanced negotiations with ECE and Generali’s shopping centre fund to sell two of its flagship malls in Spain – Intu Asturias and Intu Puerto Venecia respectively.

These prime assets are expected to trade for a yield in the low 5%, compared to a yield of just over 4% a year ago.

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