UBS Real Estate Kapitalanlagegesellschaft mbH on behalf of its fund UBS (D) 3 Kontinente Immobilien, has acquired Ribera del Xúquer shopping center located in Carcaixent, Valencia, from Grupo Lar and Eroski.
Ribera del Xúquer shopping center located in Carcaixent, Valencia.
The scheme comprises a 22,000 m² retail gallery and a 12,476 m² Eroski hypermarket and petrol station. The Fund has purchased only the retail gallery, which is anchored by Zara, H&M, C&A, Cortefiel, Stradivarius, Pull & Bear, Oysho, Massimo Dutti, Springfield, Blanco, Burger King and Gino's. Eroski will keep the ownership of the hypermarket and the petrol station.
The center is laid out over two retail floors and has recently been reconfigured with the cinemas, bowling alley and part of the food court on the first floor substituted for a stronger fashion offer including H&M, C&A, Cortefiel, Blanco and Celio. The center is currently 95% let, with fashion & accessories representing over 70% of the total GLA.
Savills has advised UBS Real Estate on the acquisition of the shopping center. Investment director, Luis Espadas says: "Despite the lack of transactions that have taken place in 2009 and investors' coinciding interests when it comes to product type, UBS has proved with this acquisition that there are plenty of opportunities to purchase good quality, well located secondary schemes, with scarce competition which are dominant within their catchment areas, provided the tenant lineup, size and price are right".