TH’s Herald fund has sold its 49.5% stake in Miramar Shopping Centre and Miramar Retail Park to Grupo Myramar their former co-investor in these properties. The Herald Fund paid Eroski €96M for their 49.5% stake in 2006.
The vendor, European Retail Property Fund – Herald, is a closed-ended Luxembourg FCP (Fonds Commun de Placement) with assets under management of c. €235M and a target return of 9% per annum over the life of the Fund.
Following this acquisition, the Malaga based real estate developer has become the single owner of the 49,000m² shopping centre and the 24,496m² retail park. With a combined registered population of 152,080 (INE, 2017) the conurbation of Fuengirola and Mijas is a major tourist destination approximately 30km west of Malaga and 25km east of Marbella.