13 March 2017
San Sebastian
Reporter: Theo Andrew

Spanish retail park acquired for €16 million


Savills Investment Management (IM) has acquired a retail park in San Sebastian, Spain, through its retail fund, Europe II, for €16 million.

Covering 10,300 square metres, marking the funds first operation in the Spanish retail market, its main tenants include supermarket Mercadona and DIY store Brico Depot. The park is located next to motorways GI-636 and AP-8.

The acquisition comes as Savills IM prepare to raise €500 million of equity for its new fund, Europe V, focusing on large scale assets in major cities across Europe.

Michael Reinmuth, director of Savills IM, Spain, said: "This is the first acquisition of the fund in Spain and is a prime asset in San Sebastian, in the Basque Country. It is newly built and is already yielding some results above expectations, providing the background a solid defensive distribution and opportunities to increase their value in the future."

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