Photo of Centro Ocio Nova Center (Source: TitanProject.es)
Following a slow start to 2019, the month of March has seen a total of four medium to large retail properties trade in Spain.
The first institutional retail property deals of the year were Carmila’s acquisition of La Verónica at an NIY of 7.3% followed by
MDSR’s purchase of an Eroski portfolio in January and Corpfin’s acquisition of a department store in Valencia and part of Madrid’s Edificio España in February.
Apart from retail high street deals (like Silicius’ €16 million investment in Vigo and Zamora), the market remained relatively still during the month of February until General de Galerías’ purchased Las Terrazas in Jinamar in March. Towards the end of the month, Mazabi, Titan and Frey have all completed retail property acquisitions.
Atalaya (Mazabi) has purchased a 12,000m² retail park known as Parque Comercial Olaz in Navarra from Velacapital Inversiones. The newly built retail park still has 5,000m² of vacant GLA and is anchored by a McDonalds drive through and a petrol filling station. It is located adjacent to a Mercadona which has been trading since 2016.
Titan REIT S.A. has bought a 23,000m² leisure centre which is being developed in the province of Barcelona, known as Centro de Ocio Nova Center. The retail park is expected to open in 2019 and will be leased and managed by Larry Smith. Titan currently has various projects under development in Barcelona, Madrid and Fuerteventura and plans to list a Spanish REIT (SOCIMI) on the Madrid Alternative Stock Exchange (MAB).
Also in the province of Barcelona, Caboel has sold 4,996m² of Parc Vallés in Terrasa to Frey Invest, who own the rest of the retail park (except the Decathlon store). Parc Vallés has a total GLA of 45,295m² and is anchored by a 2,959m² Caprabo supermarket, a 2,903m² Mercadona supermarket, a 2,793m² Media Markt and a 20-screen Cinesa cinema.