Redevco Iberian Ventures, the joint venture between pan-European retail real estate specialist Redevco and funds managed by global alternative asset manager Ares Management, has sold a portfolio of nine retail parks located across Spain for €193m. The parks were acquired by Vukile Property Fund, the Johannesburg, South Africa-listed retail property specialist, through its Spanish real estate investment trust, Castellana Property Socimi.
The retail parks, comprising a total of approximately 117,700 m² of space, are 97% occupied and leased to 72 high-quality tenants including grocery chains Mercadona, Aldi and Dia; fashion brands C&A, Kiabi and Merkal Calzados; as well as Burger King, Media Markt, Sprinter and AKI Bricolaje.
Andrew Vaughan, Redevco’s CEO, said: “Our joint venture has taken these properties to the next level, cementing their dominance in their catchment areas so that they continue to attract shoppers and retailers. We identified a number of initiatives to enhance the operating performance of these assets, and we have worked closely with our tenants to modernize and improve the quality of the parks. Our efforts encompassed leasing up space, refurbishments, re-gearing leases and starting to redevelop the park in Granada. Their sale marks the successful execution of the JV’s strategy.”
The parks included in the sale are:
- Mejostilla, Cáceres – 7,280 m² in seven retail boxes
- Kinepolis, Pulianas, Granada – 25,900 m² in 32 leisure and retail boxes
- Marismas del Polvorin, Huelva – 20,000 m² in nine retail boxes
- La Heredad, Mérida – 13,500 m² in nine retail boxes
- Retail Park Motril – 5,560 m² in four retail boxes
- La Serena, Villanueva de la Serena – 12,400 m² in nine retail boxes
- Ciudad de Transporte, Castellón – 3,250 m² in two retail boxes
- Parque Oeste de Alcorcón, Madrid – 13,600 m² in six retail boxes
- Parque Principado, Asturias – 16,250 m² in five retail boxes
This transaction follows Redevco Iberian Venture’s sale of the Portimao Retail Park in Portugal to Olimpo Real Estate SOCIMI, in May 2017.
Ares and Redevco announced the creation of Redevco Iberian Ventures in September 2015, targeting €500m of value-add and opportunistic investments in retail properties on the Iberian Peninsula.
