Corpfin continues to buy prime high street retail properties and plans to launch a new Spanish REIT which will include these as underlying.
Two of Corpfin’s Spanish REITs, CCPR II and CCPR III have acquired a retail high street property on nº 14 Bergara Street, in the city of San Sebastián in Spain’s northern Basque region. The transaction has been financed with the company’s own cash.
Through Inbest, Corpfin has finalised the acquisition of a 7,600m² El Corte Inglés department store in the centre of Valencia, on calle Colón, where Marks & Spencer’s was once located. This forms part of a wider agreement signed last year by which Corpfin agreed to purchase 3 retail assets from El Corte Inglés including Gran Vía 20 (Bilbao) and Calle Princesa, 41 (Madrid) for c. €184 million.
Corpfin also sealed the purchase of the retail area of the Edificio España from Riu at the beginning of the February – a negotiation which, as SpanishREIT reported, had dragged on since august 2018 and was valued at €160 million.
In fact, Baraka, which is chaired by Alicante-born businessman, Trinitario Casanova, announced a lawsuit against the Mallorcan hotel chain. Casanova assured that in June of last year, both parties signed a contract by which Baraka Renta would become the owner of the commercial area, once progress had been made on the refurbishment.
Last year SpanishREIT.com reported Corpfin’s sale of 13 assets to SwissLife
for €83 million, marking their first investment in Spain.
Photo of Javier Basagoiti, President of Corpfin Capital Real Estate. Source: Hosteltur.