Redevco JV sells 9 retail parks in Spain for €193m
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 €193 million ($219 million). The parks were acquired by Vukile Property Fund, the Johannesburg, South Africa-listed retail property specialist, through its Spanish REIT, Castellana Property Socimi.
The retail parks, comprising a total of approximately 1.3 million square feet of space, are 97 percent 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.
The parks included in the sale are:
- Mejostilla, Cáceres
- Kinepolis, Pulianas, Granada
- Marismas del Polvorin, Huelva
- La Heredad, Mérida
- Retail Park Motril
- La Serena, Villanueva de la Serena
- Ciudad de Transporte, Castellón
- Parque Oeste de Alcorcón, Madrid
- Parque Principado, Asturias