Rodamco Europe announces it has completed the sale of its industrial warehouse Miralcampo I in Azuqueca de Henares (Guadalajara), Spain to UBS for a total amount of â¬12.6 million. The net initial yield is 9.1% and the property was sold for the current book value.
Rodamco Europe remains a leader in the Spanish retail sector, with 12 shopping centers in its portfolio and one retail project in the pipeline. The total investment portfolio in Spain is valued around â¬1 billion.
The industrial warehouse was acquired by Rodamco Europe in 2001 and has a GLA of 22,351 mÂ². The warehouse is let by Logistic Group Santos. The divestment is clearly in line with Rodamco Europe´s strategy to focus on top quality retail in dominant locations in its key markets. Rodamco Europe´s remaining logistics portfolio in Spain consists of 145,000 mÂ² of warehouses distributed between Madrid and Barcelona.
Source: Rodamco Europe