REDEVCO Spain has further strengthened its prime retail portfolio with the acquisition of a block of commercial properties in the center of San Sebastián, specifically between Avenida de la Libertad, calle Marcial and calle Guetaria. The acquisition comprises nine retail units with a total lettable area of 2,494 m², representing an investment of 22 million.
The seller was savings bank Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastián - Gipuzkoa eta Donostiako Aurrezki Kutxa with consulting firm Colliers International acting as its adviser.
"This deal is a clear example of the company's global strategy, whereby we focus our investments in high quality commercial properties in the most attractive areas of major Spanish cities," commented Javier Hortelano, Managing Director of REDEVCO Spain and, Portugal.
"We believe this acquisition complements our investment portfolio since it not only has a magnificent location in a great city, but also a high commercial appeal due to the excellent operators currently exploiting the properties," he remarked.
With this investment REDEVCO Spain continues to expand its portfolio in Spain, focusing on investments in prime commercial properties shopping centers, city-center retail buildings and retail parks in A1 locations in major cities. Another investment undertaken in 2010 by REDEVCO in line with this strategy includes the acquisition of a retail property leased to Zara in calle Goya, 47 (Madrid).