CBRE Global Investors and Sonae Sierra are seeking €500 mln for three Spanish shopping centres.
According to the latest edition of EuroProperty, the schemes for sale are: Max Centre, a 60,000 m2 centre in Bilbao; 47,500 m2 Valle Real in Santander; and GranCasa (pictured), a 78,000 m2 centre in Zaragossa, which opened in 1997. CBRE and Cushman & Wakefield are acting in the sales process.
In a separate disposal, Deka has started marketing the 52,600 m2 Ballonti centre, also in Bilbao, which it bought in 2010 for about €116 mln.
The sellers are the latest to take advantage of renewed overseas and domestic capital targeting Spanish retail. In 2017, foreign investors made up two-thirds of investment activity in Spain.
Retail accounted for almost 40% of all commercial property transactions in Spain, according to Savills, representing €3.5 bn of total volumes, a new record.
In January CBRE GI’s Retail Property Fund Iberica sold the 34,000 m2 Berceo shopping centre in Logroño, to Barings Real Estate Advisers. CBRE GI’s Antonio Simontalero said then: ‘Our strategy is to focus the RPFI portfolio on its core assets and benefit from current market momentum.’
Other centres sold this year include Parque Corredor in Madrid, which Ares and Redevco jointly acquired for €140 mln, and Lar España’s purchase of Rivas Futura retail park.
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This article first appeared in EuroProperty, a PropertyEU weekly publication
