Savills Investment Management has sold The Outlet Stores in Alicante, south-east Spain, to a fund managed by UBS for €34 mln.
The asset became operational in 2004 and was renewed in 2013 and expanded last year by almost 4,000 m2.
With a gross leasable area of about 35,000 m2, it is almost 100% occupied to several tenants including Mango, Guess, El Corte Inglés, Nike and Puma.
Fernando Ramírez de Haro, general director of Savills IM for Spain and Portugal said: 'This divestment is part of our portfolio management strategy in Spain, which seeks at all times the maximum returns for our clients.'
'Outlet schemes with a high percentage of leisure and food are also a differentiated and very defensive product. This makes them interesting assets for operators and very attractive for investors,' added Salvador González, national director of retail investment at Savills Aguirre Newman which brokered the deal.