UBS has paid c. €34 million to buy Alicante’s The Outlet Stores from Savills IM & Baupost.
Investor appetite for Alicante’s property sector continues to grow thanks to attractive demographics as well as a growing economy. In fact, the city’s greater metropolitan population of c. 466,000 inhabitants has grown by 3% over the last decade with the suburbs of San Vicente del Raspeig and Mutxamel registering double digit growth.
Additionally, in Spain’s touristic coastal areas, there is an important seasonal population which is estimated to add an extra 150,000 people to the city.
The outlet mall, which has a GLA of 36,380m², opened in July 2004 and is anchored by a Corte Inglés Outlet, a Carrefour supermarket and an open air leisure & restaurant area which includes a 15-screen Megarama Cinema and a Gym with Spa. The centre has a parking provision of 2,425 exterior car parking spaces.
Distributed on two levels, the outlet’s fashion offer is located on the ground floor and the scheme is arranged around 3 main areas (fashion & accessories, supermarket and restaurants/leisure), each with its own anchor operator (Nike and Mango, Carrefour and the cinema). According to market sources, the yield is understood to have reached c. 8%.