SEB Immoinvest invests in Spain for the first time

SEB Immobilien-Investment GmbH, which manages the SEB ImmoInvest open property fund, has purchased El Mirador shopping centre in the Spanish city of Cuenca for around €35 million. This is the first time that SEB Immobilien-Investment, a German company, has invested in the Spanish market.

El Mirador Shopping Centre is being developed by Spanish developer Promodeico, and is due to open on 25 November 2002. It is the only key shopping centre in a radius of 150km around Cuenca, which is half way between Valencia and Madrid, in the Spanish region of Castilla-La Mancha.

El Mirador offers a sales area of 16,800 sq m., of which around 94% is already let to names including Burger King, Pimkie, Benetton, Casa and Vodaphone. In addition, there is an Eroski supermarket (8,000 sq m), a cinema and restaurant area on the upper level.

(source: Cushman Wakefield)

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