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Spanish property assets change hands

by Andrea Waitrovich

Investors have been snapping up properties in Spain, with several trading in recent weeks. Newly launched Spanish REIT Merlin Properties has paid €245.9 million, or €228 per square foot ($336.6 million/$313 per square foot), for Marineda City Shopping Center, a 1.1 million-square-foot mall in La Coruña, Spain. The new owner is Invest Cos. The asset was part of a two-property portfolio. CBRE represented Merlin, and Manual Jove represented Invest Cos. In addition, Merlin has acquired the 113-unit Hotel Carris Marineda for €14.1 million ($19.3 million), which is located inside the mall. Marineda City is one of Spain’s largest retail and hospitality complexes. The enclosed mall was built in 2011. It is 97 percent occupied. Major tenants include El Corte Ingles SA, H&M, Foot Locker and Sport Zone. Merlin Properties went public on June 30, raising €1.29 billion

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