BentallGreenOak sells Sevilla Factory Shopping Centre for c. €15M

A private investor has bought Sevilla Factory, one of the two only factory outlets for the city of Seville, which was sold to BentallGreenOak by Unibail Rodamco in 2015. Savills & Clifford Chance have advised the vendor.

Opened in the year 2000, the retail asset is conveniently located close to the town centre of Dos Hermanas and has 16,250 sqm of leaseble area spread across one floor. Located in Seville’s southern suburb of Dos Hermanas, it is anchored by a 1,000m² Lefties store and includes brands such as Benneton, JVZ, Celop and an FC&CO store with brands such as Lee, Diesel, Timberland, Wrangler. In addition, it has 1,003 parking spaces.

The vendor, Gore Spain Holding, sold 100% of the share capital of the company Inversiones Harwoodm a subsidiary of the SOCIMI (Real Estate Investment Trust) Gore Spain Holdings, controlled by the US investment fund Bentall Green Oak. The shopping complex is valued at €15 million.

The purchaser, Genesis S.L., a family office investment vehicle, has been advised by Zurbarán Abogados and LAP Retail whilst the seller’s advisors have been Clifford Chance and Savills Aguirre Newman. The new owners have entrusted LAP Retail with the comprehensive management of «Sevilla Factory» with the aim of enhancing its value.

The property is adjacent to Kronos’ retail park development which is expected to include fashion, DIY, furniture & décor with 20% of the scheme dedicated to leisure and surrounded by residential neighbourhoods next to a 8,844 sqm Carrefour hypermarket with retail gallery.

The Dos Hermanas retail hub is further complemented by a 14,243 sqm leisure & retail park with a Cineapolis cinema and retail warehouses including Oteros Sports, Jueguetilandia Toys, Jysk and Feu Vert. It opened in 1999 and is fully let.