Henderson sells Madrid leisure scheme to JV between Realia and Heron International

Henderson Global Investors, a leading investment management company, has sold the Diversia leisure scheme in the Madrid suburb of Alcobendas to a joint venture between Spanish property group REALIA and investment and property group Heron International, with headquarters in London.

The scheme was purchased for €63.25 million, reflecting a net initial yield of 7.0 per cent. The purchase was financed by Spanish bank Banesto.

Henderson was advised by the Madrid office of Cushman & Wakefield Healey & Baker.

Diversia, located in the Arroyo de la Vega Business Park, was forward purchased by Henderson prior to its opening in 2001.

The scheme offers around 60,000 sq m of built area (23,970 sq m gross leasable area), with parking for approximately 1,300 vehicles. Key anchors include: City Limits the food and entertainment centre operated by Scottish & Newcastle plc, a Holmes Place Health Club and a multiplex cinema, which last year Spanish operator Cines Abaco bought from Ster Century.

Rupert Lea, Partner in the Madrid office of Cushman & Wakefield Healey & Baker, which advised Henderson, comments: “This is one of the most significant leisure investment transactions to have taken place in the Spanish market. Diversia is one of Spain’s top leisure schemes. Its location in the Arroyo de la Vega Business Park and surrounded by some of Madrid´s wealthiest residential suburbs means that Diversia benefits from a constant stream of visitors during the week and at weekends.”

James Bury, Senior Portfolio Manager at Hendersen Global Investors, comments: ”Diversia has been a highly successful investment for our client and we are delighted to have completed its sale to Heron/Realia. Henderson has an active investment programme for other clients in Spain and across the rest of Europe over the coming months and we are confident of replicating the success of the Diversia investment.’’

Source: Cushman & Wakefield Healey & Baker

Related News