Commerz Real has sold the fully let shopping centre Espai Girones from the portfolio of its open-ended real estate fund Hausinvest to Lighthouse Properties for c. €168.2m. This is roughly 25% more than the 2005 purchase price (c. €127.8m).
“The property was ready for the market, and we took advantage of the increased demand for shopping centres to achieve a good result for our investors,” said Mario Schuttauf, fund manager of Hausinvest.
Commerz Real cites the structural connection to the neighbouring retail park as one of the reasons for the increase in value as a basis for rising visitor numbers and thus more lettings. As a result, the centre, which is located in Girona halfway between Barcelona and Perpignan and has 105 shops and 40,000m2 of rental space, succeeded in attracting two major anchor tenants, Primark and Auchan subsidiary Alcampo. Consequently, visitor and turnover figures as well as space productivity have returned to pre-corona levels or above.
Ambas Real Estate advised Commerz Real as part of the structured sales process.
Image provided by Commerz Real.
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