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."

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Standard Chartered boosts CRE team
11 December 2017 | Singapore | Reporter: Stephanie Palmer
Standard Chartered has named Steven Cranwell as global head of commercial real estate for its global banking business
SoftBank and Compass in ‘largest ever’ US real estate tech investment
08 December 2017 | New York | Reporter: Stephanie Palmer
Real estate technology firm Compass has won $450 million in investment from the SoftBank Vision Fund, in what Compass has called the largest ever real estate technology investment deal in US history
Tristan fund makes first foray into Germany
07 December 2017 | Bonn | Reporter: Stephanie Palmer
The CCP 5 long-life fund, a core-plus fund advised by Tristan Capital Partners, has made its first investment in Germany, acquiring an office complex in Bonn for €35 million
JLL develops UK corporate solutions team
07 December 2017 | London | Reporter: Stephanie Palmer
JLL has named Sue Asprey Price as lead director of its corporate solutions business in the UK, with immediate effect
Link Asset Services appointed as real estate fund administrator
06 December 2017 | London | Reporter: Stephanie Palmer
Warehouse REIT, a specialist warehouse investor managed by Tilstone Partners, has selected Link Asset Services for fund administration
Dutch portfolio sold for €200 million
05 December 2017 | Amsterdam | Reporter: Stephanie Palmer
Patrizia Immobilien AG has sold a portfolio of 61 residential properties in the Netherlands, for around €200 million
Allianz tops off bumper 2017 with Broadway acquisition
04 December 2017 | New York | Reporter: Stephanie Palmer
Allianz Real Estate has acquired a 43 percent stake in 1515 Broadway, New York, a class-A building valued at $1.95 billion