Spain’s real estate industry continues to function despite the coronavirus (COVID-19) crisis. CBRE has advised Mazabi on the €70 million acquisition of 19,261m2 of offices let to BBVA on 10-year terms in prime locations of Valencia and Seville. In addition, Mazabi’s value add vehicle has purchased a shopping centre on Portugal’s Island of Madeira.
The asset in Valencia is located on nº9 of the city’s Modernisme Plaza or Plaza del Ayuntamiento and has 10,249m2 of GLA. BBVA has sublet it to the State Tax Administration Agency on a while they finalise the refurbishment of their new Valencian headquarters.
The property in Seville is located on the Paseo de la Palmera and has a GLA of 9,012m2 and 64 parking spaces. In this case, BBVA continues to occupy the entire premises. BBVA has also provided financing for the buyer backed by the obligatory rent remaining as per the lease term.
Furthermore, after over a year on the market, the group has reached an agreement with Sonae Sierra to purchase Madeira Shopping through its value-add vehicle Atalaya La Tejita which is managed by Sebastian Ojeda.
Opened in 2001 in the city of Funchal, Madeira Shopping is the largest shopping centre on the Island of Madeira, with over 100 units and c. 26,600m2 of GLA as well as 1,060 parking spaces.
Mazabi manages over €1.5 billion for 35 families from across 14 countries, of which more than €400 million are managed by their Spanish REIT Silicius. The company’s goal is to reach €2 billion of AUMs by the end of 2020.