Transactions - SEPTEMBER 15, 2014

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Two Spanish portfolios selling for €192m

by Andrea Waitrovich

Two separate portfolios with properties located in Spain have sold for a total of €192 million ($248.6 million).

The first portfolio consists of two retail properties and marked KRR’s entry into Spain. With its joint venture partner, Spanish retail operator Neinver, KRR has purchased two retail properties in Spain for €91 million ($118.1 million). The seller was Pillar Retail Europark Fund, a fund managed by British Land.

The transaction comprises the 542,716-square-foot Nassica Retail & Leisure Park, located in Madrid, which sold for €52.1 million, or €96 per square foot ($68.3 million/$126 per square foot), and the 180,243-square-foot Vista Alegre, in Zamora, which sold for €37.94 million, or €210 per square foot ($49.78 million/$276 per square foot).

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