CBRE Global Investors has completed the acquisition of the Ribera del Xúquer shopping centre in Carcaixent, Spain on behalf of a European retail strategy.
The centre opened in September 2005 and comprises of circa 34,119 m² GLA (including 12,958 m² of Eroski hypermarket which is not part of the transaction) and consists of 76 retail units and 1,900 parking spaces.
Ribera del Xúquer is an established city centre scheme and has an occupancy rate of 95%. It is arranged over two floors and has an attractive line-up of international fashion retailers including Zara, Massimo Dutti, H&M and C&A.
Carcaixent is located in the province of Valencia, 40 km south of its capital. The province includes another 265 municipalities and is home to 2.6 million people. The shopping centre is located in the North urban end of Carcaixent, bordering with Alzira, the capital of the Ribera del Xúquer region. Ribera del Xúquer is a dominant scheme within its catchment area which has retail spending per capita in line with the Spanish average.
Florencio Beccar, Fund Manager, CBRE Global Investors commented: “We have acquired a well let dominant shopping centre with solid property fundamentals. It is the first shopping centre that we have bought in the Spanish market for this particular vehicle. We believe we are entering the market at a time where we can realise both income and capital growth for our investors. This asset already has a solid track record of good performance with sales and visitors remaining resilient through the crisis. As we put our asset management initiatives in place, we will further improve the retail offer and tenant mix. We believe this shopping centre will be a very strong performer.”
CBRE Global Investors was advised by CMS Albiñana & Suárez de Lezo.
Source: CBRE Global Investors
