British Land announces it has sold its 50% interest in Puerto Venecia Shopping Centre and Retail Park in Zaragoza, Spain, to Orion European Real Estate III C.V. (a fund managed by Orion Capital Managers) for €144.5 million (BL share). The asset was previously owned in a joint venture partnership with them.
Puerto Venecia comprises a 890,000 ft² (approx. 82,600 m²) retail park which opened in 2008 and a 1.4 million ft² (approx. 130,000 m²) fashion and leisure phase which opened in October 2012.
Charles Maudsley, Head of Retail for British Land, said: "I am pleased with the sale of Puerto Venecia which is in line with valuation. We have worked well with Orion to successfully complete and let the scheme and the disposal is in line with our strategy of exiting our European business and halves our European exposure to 1%."
Source: British Land