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