TPG & Partners’s have sold L’Aljub Shopping Centre in Elche to a DWS-managed real estate for c. €170 million.
The joint venture’s Southern European Value-Add Mandate (SEVA), which was managed by TH Real Estate, acquired the retail gallery in 2016 and during 2017 consolidated 100% ownership of the scheme through the acquisition of the hypemarket retail warehouse which was in separate ownership.
The scheme has a GLA of over 45,700m² acts as a dominant shopping destination for Elche and nearby municipalities of Santa Pola and Crevillente. Together with the adjacent retail park and the free standing El Corte Inglés, this area is considered the “go to” retail hub for the city and surrounding towns & growing coastal areas.
With a population of 288,648 inhabitants, Greater Elche has grown by over 4.8% over the last 10 years, above the national average in the same period. (INE 2017). According to INE, Spain’s national statistics agency, Greater Elche has a non-registered population of 64,783 (last counted in 2011). Together with the registered 2017 figure, Greater Elche has a total population of 353,431 inhabitants. (Source: INE 2017).