Israeli investment group, MDSR Investments, has sold to Savills Investment Management an Eroski hypermarket which is part of Garbera shopping centre in San Sebastián, Northern Spain.
Savills’ European Retail Fund has paid €48 million to buy the 14,200m² hypermarket, part of prominent Garbera shopping Centre located in the capital of the Basque province of Guipúzcoa.
The property is part of a 86,836m² portfolio of 7 hypermarkets located across Spain which MDSR Investments acquired from Tristan Capital in September 2017.
Ian Jones, manager of the European Retail Fund, commented that Savills IM is «delighted to incorporate another core asset into ERF’s European retail portfolio in an off-market operation. It has been five years since the fund began its investment mandate and records a profitability that more than doubles that of its peers. Most of these acquisitions have been completed outside the market through our comprehensive European platform and we expect to realize other operations in the coming months.»
«Spain and Portugal are a strategic priority for 2018 and the next few years, both for Savills IM, as well as for its clients and strategic partners.» according to Fernando Ramírez de Haro, Managing Director of Savills Investment Management for the Iberian region.