4 July 2017
Madrid
Reporter: Theo Andrew

JV sells nine Spanish retail parks to Vukile Property for €193 million


Vukile Property Fund has acquired nine retail parks in Spain from Redevco Iberian Ventures, a joint venture between Redevco and Ares Management, for €193 million.

The South-African listed retail property specialist purchased the parks, totalling 117,700 square metres, on behalf of its Spanish REIT Castellana Property Socimi.

The portfolio consists of a 13,600-square metre retail park in Madrid, a 25,900-square metre park in Granada, 20,000 square metres in Huelva, 13,500 square metres in Merida and a 16,250-square metre retail park in Asturias.

The remaining assets are four other retail parks located in Caceres, Villanueva de la Serena, Castellón and Motril.

The assets are 97 percent let to 72 tenants including Mercadona, Aldi, C&A and Burger King.

Vukile Property has secured €94.8 million of financing from Spanish lenders, with an all-in cost debt of 1.98 percent, and will finance the remaining €98.2 million from internal cash resources.

Redevco Iberian Ventures released the assets having “taken the properties to the next level, cementing their dominance in their catchment areas so that they continue to attract shoppers and retailers”, said Redevco CEO Andrew Vaughan.

Vaughan added: “We identified a number of initiatives to enhance the operating performance of these assets, and we have worked closely with our tenants to modernise and improve the quality of the parks. Our efforts encompassed leasing up space, refurbishments, re-gearing leases and starting to redevelop the park in Granada.”

Bill Benjamin, head of the Ares Real Estate Group, said: “Ares invested in these retail parks at the early stages of the Spanish recovery. This sale demonstrates the strength of our joint venture, which enabled us to quickly assemble and reposition a portfolio of critical mass for exit to an institutional buyer.”

He added: “Our joint venture continues to review potential acquisitions within the retail sector on the Iberian Peninsula that have significant repositioning opportunities.”

JLL and Dentons advised Redevco Iberian Ventures, while RPE, Grant Thornton, DokeiRE and Ashurst advised Vukile.

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
LaSalle closes £800 million debt fund
21 November 2017 | London | Reporter: Theo Andrew
The fund was supported globally, raising its funds from 17 limited partners across Europe, the Middle East, Asia and the US
EPIC warehouse acquisition in the pipeline
20 November 2017 | London | Reporter: Stephanie Palmer
Ediston Property Investment Company (EPIC) is set to acquire four retail warehouse parks in the UK from Stadium Group, for £144 million
HFF delivers $288.8 million loan for resi project
17 November 2017 | San Jose, California | Reporter: Theo Andrew
HFF has secured $288.8 million of construction financing for two luxury residential towers in San Jose, California
CBRE Capital Advisors chosen for £100 million fund
16 November 2017 | Belfast | Reporter: Theo Andrew
The Northern Ireland fund will provide debt finance for real estate, regeneration, low carbon and infrastructure projects. It has been appointed on a 15 year mandate
AXA IM - Real Assets hit final close on logistics club
15 November 2017 | London | Reporter: Theo Andrew
The fund, which seeks to invest in 1 million square metres of logistics developments across Europe, raised the equity commitments from four international institutional investors
LaSalle names European head in business restructure
14 November 2017 | Paris | Reporter: Theo Andrew
Karim Habra was previously head of France for LaSalle, and his appointment replaces the firm’s previous structure of naming country heads for Europe
L&G settles on UK retirement villages for £102 million
14 November 2017 | London | Reporter: Theo Andrew
The portfolio, not yet fully developed, will comprise of 694 units, located in Liphook in Hampshire; Faygate in West Sussex; Exeter in Devon; and Great Alne in Warwickshire