Tuesday, 30 September 2014
CBRE Global Investors acquires dominant shopping center for €153 million in Spain (ES)
CBRE Global Investors has completed the acquisition of El Boulevard Shopping Centre in Vitoria, Spain. The superregional dominant shopping center has been purchased for €153 million. The asset has been acquired on behalf of one of its separate account clients.
The 63,526 m² shopping center is located in the affluent northern outskirts of Vitoria, and is the region’s leading shopping center with more than nine million visitors annually. The center opened in 2003 and contains a strong tenant mix with 146 retail units, including mid-sized units Media Markt, Leroy Merlin, Primark, Forum Sports, different Inditex brands and H&M.
Jeroen de Grunt, Portfolio Manager Separate Accounts Continental Europe, CBRE Global Investors, said: “Our client is actively acquiring well-performing shopping centers across Continental Europe and El Boulevard is widely considered in Spain as being one of the best in terms of tenant mix, shopping experience and levels of footfall. We are looking to acquire shopping centres of equal quality in Belgium, Germany, Spain, Poland and the Czech Republic over the next twelve months, in order to further enlarge our client’s retail portfolio.
This purchase also shows that there are interesting and well-performing shopping center investment opportunities in the Iberian peninsula, an area that has seen increased attention from the investment market over the last twelve months.”