Aareal Property Services, the Amsterdam-based Asset Management organisation of Aareal Bank Group, has purchased Ã¢â¬ÅOdeÃÂ³n Shopping CentreÃ¢â¬Â located in northern Spain for an investment sum in the region of Ã¢âÂ¬ 45 million for its closed end Aareal Europe Fund No. 1.
OdeÃÂ³n Shopping Centre was opened in November 2002 and extends to ca. 26,900 sqm (Gross Lettable Area). It is located in the city Ferrol (section NarÃÂ³n) in Galicia, Spain. The object is a shopping and leisure centre with over 80 retailers of note, e. g. Douglas, MirÃÂ³ (electrical goods), Kiabi, Springfield, Pimkie and all branches of the fashion group Inditex, for example Zara. It is supplemented by a twelve screen multiplex cinema operated by Lauren Films, restaurant-chains (e. g. Telepizza, Burger King) and a bowling area. The property provides about 980 car parking spaces and is located in the dominant section of the towns retail zone.
The Property Asset Management promises considerable growth potential for Aareal Bank Group in the years to come. Aareal Property Services is the Asset Management subsidiary of Aareal Bank for institutional investors. Its remit is to identify and acquire properties which offer attractive initial returns and create added value through active Asset Management.
Aareal Europe Fund No. 1 was launched in 1999, with a volume of Ã¢âÂ¬ 500 million. This fund focuses on various types of retail properties and offices in Southern European countries such as Italy, France or Spain. It is fully placed with German institutional investors.
Aareal Property Service also launched the Aareal Italy Fund, which invests around Ã¢âÂ¬ 00 million in Italian office buildings and shopping centres. A third fund, Aareal EuroLogistics Fund, will be launched in 2003 for international institutional investors who want to diversify their portfolio in the high yield segment of logistics properties. In order to fulfil the special requirements of institutional investors, Aareal Bank will establish a capital investment company this year with which it will also be able to provide real estate special funds.
Source: Aareal Bank