As informed to the Spanish National Securities Market (CNMV) Colonial Inmobiliaria has raised €617 million over the last 12 months through the sale of several non-strategic assets. Known as the “Alpha V Divestment Plan” the process included the sale of offices that have already completed their value cycle as well as logistics & retail properties.
The latest asset the group has sold in Spain is a retail warehouse unit let to Bauhaus, a German home improvement store, located in Tarragona’s leading retail park (Les Gavarres) in the capital of Catalonia’s 2nd most populated province after Barcelona. C&W has acted as advisor to the Spanish REIT in this transaction.
Les Gavarres is a regional retail destination with approximately 110,000m² of GLA which has attracted the interest of institutional investors in the past including French SCPI vehicles such as Actipierre who purchased the Media Markt store in 2016 and more recently Corum who arranged a sale & leaseback of Wala’s store in this location in 2019. According to market sources the yields at which assets have traded in the park are in the region of 7%.
The immediate catchment area for the shop includes Tarragona and Reus, two of Catalonia’s most populated cities and the primary catchment area is estimated at approximately 400,000 consumers.
According to Spanish newspaper, Expansión, the property has been purchased by the tenant itself, Bauhaus, who is recognized as a market leader in Germany where it is the country’s second largest DIY chain after OBI.
The Bauhaus store is one of the largest in Les Gavarres and acts a main anchor, together with Leroy Merlin, Decathlon, Media Markt, Carrefour, Mercadona, Lidl, McDonalds & Burger King.
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