Global real estate consultant Cushman & Wakefield (C&W) has announced that it has sold the recently opened Alcor Plaza in Madrid on behalf of Ahorro Familiar, SA, a company managed by AXA Real Estate Investment Managers Ibérica SA to Twin Fall, a joint venture between Exmoor Group and Merrill Lynch for €26.4 million.
Alcor Plaza, located in Parque Oeste, one of Madrid's leading retail parks, in Alcorcon near Madrid, has approximately 9,200 m² gross lettable area.
Cushman & Wakefield has leased the scheme and is the appointed property manager.
Rupert Lea, Partner and Head of Capital Markets of Cushman & Wakefield's Madrid office, comments: This is one of the most significant factory outlet investment transactions to have taken place in the Spanish market for several years. Alcor Plazas location is unique, within one of Madrids pre-eminent prime retail warehouse parks. Our client has an ambitious leasing strategy for this scheme, which once fully let, will be able to benefit greatly from its prime position.
Source: Cushman & Wakefield