Deka divests Bilbao asset, marking largest Spanish mall sale this year

German real estate management firm Deka Immobilien has sold the Ballonti shopping centre in Bilbao to Bilball Centre Investments and Ballon Investments.

Financial details were not disclosed.

'This deal is a major transaction for the Spanish shopping centre sector, as it is the largest institutional shopping centre sale to date this year, and also one of only a handful to be completed in Europe,' said Paul Santos, national director of retail investment at CBRE Spain, which advised Deka.

Ballonti is located in the town of Portugalete, within Bilbao's metropolitan area. It comprises over 52,600 m2 of gross lettable area, arranged over two floors, and is one of the most modern shopping centres in Bilbao.

Built in 2008, the asset benefits from a catchment area of over one million residents, and receives around 6 million visitors each year.

The centre is 92% occupied and includes leading fashion and accessory brands such as Primark, H&M, Jack & Jones, Springfield, Bershka, Pull & Bear, Stradivarius, Women'secret and Primor, as well as sports retailers such as Forum Sports and Décimas. It also features family leisure options including Dock39 and Ozone Bowling. The shopping centre is home to a 13,000 sqm hypermarket, currently operated by Eroski.

CBRE advised Deka on the sale and also advised the buyers on the financing side.

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