Silicius is in the process of streamlining its real estate portfolio in preparation for its upcoming IPO (scheduled for the end of 2019) and has completed the acquisition of a 98% let retail park in the town of Los Barrios on the Bay of Algeciras. The deal has been carried out through a capital increase for a non-monetary contribution of c. €20 million.
The previous owner, Starboard, has become a shareholder of Silicius whose portfolio now includes the 20,700m² leisure park which has an 18-screen Cinesa cinema and various restaurant & leisure retailers like Bowling Bahía, La Tagliatella, Foster’s Hollywood as well as Lacoste Outlet, furniture & toys retailer MGI and sports shoes store «Foot on Mars«.
The property is located in a retail hub next to the area known as Las Marismas del Río Palmones which has a number of free-standing retail warehouse including Decathlon, Leroy Merlin, and Media Markt amongst others.
Algeciras’ strategic location on the strait of Gibraltar, makes it the nº1 port in Spain and the the area itself benefits from two major economic drivers: the port and the booming low-tax economy of the British colony of Gibraltar – the last colony in Europe.