Hines announced that the Hines European Value Added Fund (HEVAF) has sold 100% of the shares of the company holding Zielo Shopping Pozuelo shopping center (“Zielo”) for pricing in excess of €70 mln.
HEVAF was developer of the 169,489 ft² (15,714 m²) shopping center, which opened in October 2009 and is currently 97% occupied. Hines Spain provided development management, asset management and disposition services to HEVAF.
Zielo has become a reference point for Spanish shopping centers due to its unique retail mix, housing top-level tenants such as Sánchez Romero, Massimo Dutti, Uterqüe, COS, H&M and the restaurant Cielo de Urrechu.
CBRE, which has provided center management and leasing services to HEVAF, also advised them on the sale, while Ashurst provided legal advice to the fund.