Rodamco Europe sold its 23,000 mÃÂ² logistics center in San Sebastian de los Reyes, Madrid, on 15 July 2003 to the Spanish investment fund Realia for a total of Ã¢âÂ¬ 21.5 million. This sale reflects Rodamco Europe´s strategy to focus on top quality retail and reduce its office and industrial exposure.
Maarten Hulshoff, CEO of Rodamco Europe commented: 'We are pleased with the sale of the logistics center to Realia. The divestment fits in with Rodamco Europe´s longer term strategy to focus on retail, in particular high quality shopping centres in dominant locations. Rodamco Europe is the largest retail property investor in Spain, with 12 shopping centers with a total value of over Ã¢âÂ¬ 1 billion, which include, for example, the well known shopping center La Vaguada in Madrid.'
The property was acquired from Riofisa in 1994, and expanded in 1996, at a total cost to Rodamco Europe of Ã¢âÂ¬ 16.5 million. The property is let in its entirety to Carrefour who use it as their national textile distribution center. With this sale, the weighting of Rodamco Europe´s retail portfolio in Spain increased slightly from 80% to 81%.
Source: Rodamco Europe