Grupo Lar, Grosvenor and ACCIONA Real Estate have reached an agreement by which ACCIONA Real Estate will take over 100% of the Cornellà-El Prat Shopping Centre, which is currently under construction and is due to open at the end of 2009, approximately 15 months after the opening of the Real Club Deportivo Espanyol de Barcelona football stadium.
Alejandro Groizard, Manager of Shopping Centres at ACCIONA Real Estate, explains that "this operation gives ACCIONA 100% of a magnificent shopping center in Barcelona, strengthening our position in this sector."
For Miguel Pereda, Manager of Grupo Lar, "this operation is an example of how two rival companies can collaborate on joint projects to mutual benefit." Miguel Pereda added that "in this case, Grupo Lar is obtaining a good return on investment which we can invest in other shopping centers, a strategic area for the company."
Rafael Avilés, CEO of Grosvenor, also expressed his satisfaction with the agreement and stressed that "once again we have conducted a profitable operation with our allies at Grupo Lar. For Grosvenor España, this operation represents a further step in the gradual reduction of our direct exposure to shopping centres in order to channel investment through 50% subsidiary Sonae Sierra. We will use the proceeds from this sale to develop and invest directly in sectors such as offices and business and industrial parks."