Lakeside owner in £354m Spanish buyComments Off on Lakeside owner in £354m Spanish buy
In the latest sign of Spain’s economic recovery gathering momentum, Intu said it was buying the 120,000-square-metre Puerto Venecia retail park and mall in Zaragoza, where tenants include Primark, H&M and Apple.
The company, formerly called Capital Shopping Centres, reckons Zaragoza is “a key centre of economic activity due to its strategic position midway between Madrid, Barcelona, Valencia and Bilbao”.
Stores can expect a rent rise: Intu said the centre opened and was let during a “difficult period for the Spanish economy, and the rental levels are not regarded as demanding, indicating scope for increases as the market recovers and the centre becomes fully established”. Intu, which also owns Manchester’s Trafford Centre, used the firepower of Canadian pension giant CPPIB to spend €162 million on the Parque Principado Shopping Centre in Asturias, northern Spain, last autumn.
“The Spanish economy has improved over the last year and the centre is estimated to have increased in value by 30% since acquisition,” Intu said.
It also has development options on four sites in Malaga, Valencia, Vigo and Palma in Spain.