A massive €1.6bn shopping centre portfolio is being marketed for sale in the first major retail sale of the year.

The Balkany portfolio comprises nine Spanish assets, including trophy assets like La Vaguada in Madrid and Gran Vía 2 in Barcelona and is expected to attract strong interest from investors and retail specialists. BNP Paribas Real Estate and Morgan Stanley are understood to be advising on the sale.

In London, C&W is handling the sale of the Buttermarket shopping centre which was acquired in March 2017 by DTZ Investors for £55m (€63.5m).

The retail sector also captured the largest investment deal of the week. Aware Super acquired a 31.3% stake in the newly restructured European Outlet Mall Venture platform from Allianz accounts managed by PIMCO. 

The platform currently owns and operates four outlet centres worth €2.6bn in total, spanning the Netherlands, Austria and Italy. 

Aware Super Deputy CIO and Head of International Damien Webb said: “This investment is the latest milestone in our Fund’s commitment to diversifying into new markets.

“By expanding our portfolio into continental Europe, we are strengthening our position as a global institutional investor and asset owner, focused on originating high-quality assets in markets with strong fundamentals.” 

Recently completed deals       
Asset Asset type Location Buyer Vendor Size Price (mln) Key facts
31.3% interest in the European Outlet Mall Venture (EOMV) platform retail Netherlands, Austria, Italy Aware Super Allianz 163,523m2 ~€800 The platform’s four assets include certain phases at both Designer Outlet Roermond in the Netherlands and at Austria’s Designer Outlet Parndorf, Italy’s Serravalle Designer Outlet and Castel Romano Designer Outlet.
Friedrich und Karl office Cologne-Niehl Private investor Bauwens 45,000m2 €260 The sole tenant is the Federal Office of Administration.
St Giles London hotel hotel London Criterion Capital NA 732-rooms £220 (€254) With the deal, Criterion has completed the reunification of the entire island site.
49 preschool and care units living Nordics Kinland NA 49 assets €170 As a result of the transactions, Kinland will more than double its Swedish footprint.
Innio headquarters office Jenbach, Austria INNIO ICG Real Estate NA €138 ICGRE first acquired the asset from INNIO in October 2020 through a sale-and-leaseback agreement.
logistics portfolio of four assets logistics Italy Kryalos SGR DeA Capital Real Estate SGR, BGO 107,000m2 €100 The assets are located in Reggio Emilia, Verona and Pavia.
nine Premier Inn hotels hotel UK LondonMetric Whitbread 955 bedrooms £89 (€103) The sale and leaseback portfolio is let on new 30-year leases.
portfolio of 13 assets mixed Sweden Episurf Frusipe Intressenter Holding 47,696m2 €70 (SEK743) The deal aims to complement Episurf’s existing operation with a stable platform consisting of geographically diversified and yielding real estate assets.
114 residential units living Berlin Luwin Real Estate Catella Investment Management 114units €48 The residential complex was completed in 2020.
Gewerbepark Stadlau retail Vienna Union Investment Nextensa 11,000m2 €36 The asset is currently fully let.
residential development site living Valencia Aviva Investors NA 120units NA The project will be managed by Propia, a dedicated real estate operating company launched in June.
Bahnhofsarkaden retail park retail Allgäu, Germany Redevco Savills Investment Management 13,000m2 NA Anchor tenants include supermarket group REWE and discount retailer Lidl.
two extended-stay resorts hotel Liverpool and Newcastle ECE Work & Live, Maya Capital NA 260 rooms NA ECE Work & Live intends to build a portfolio of 7- 8 mid-sized hotels in the UK regional cities outside London, with a total investment of up to £150m.
business park portfolio industrial France Harbert Management Corporation, DeA Capital Real Estate Axtom 73,000m2 NA The transaction comprises seven forwarded-funded new-build assets across France.
three cross-dock logistics assets logistics Frankfurt/Rhine-Main region Barings NA 17,975m2 NA The properties are currently fully let to one tenant.
logistics portfolio of four assets logistics Italy EQT Real Estate NA 107,712m2 NA The fully-let portfolio was bought for the EQT Exeter Europe Logistics Core-Plus II fund.
logistics centre logistics Mühlacker, Germany BNP Paribas Asset Management Alts Lang & Cie 18,000m2 NA The acquired property comprises warehouse and office space on a site of over 30,000m2 and is fully let to a single tenant.
4 Rue de Lorival logistics Seclin, France Realterm NA 26,379m2 NA AS Transports JLF, a Seclin-based transport company specializing in road haulage, currently occupies the site under a long-term lease.
logistics asset logistics Hanover Patron Capital, Inbright NA 10,400m2 NA The property currently has an occupancy rate of 95%.
Topas Arkade mixed Berlin Sonar Real Estate UBS Real Estate 5,600m2 NA The acquisition was completed through a competitive bidding process run by BNP Paribas Real Estate.
Shopping centre Zeppelin retail Oulu, Finland Asko Myllymäki and Arvo

 

Sijoitusosuuskunta

 NA 30,000m2 NA Opened in 1992, Zeppelin is the most important commercial and event hub for the entire southern Oulu region.

 

 

Assets on the market       
Asset Asset type Location Vendor Size Price (mln) Broker Key facts
shopping centre portfolio retail Spain Balkany family NA €1600 BNP Paribas, Morgan Stanley The portfolio comprises nine prime shopping centres held through Sociedad General Inmobiliaria de España.
Buttermarket retail London DTZ Investors 235,000sqft NA C&W It comprises a 12 screen multiplex Empire cinema, 12 lane bowling alley and 9 new restaurant units.

 

 

Recently completed loans    
Lender(s) Borrower(s) Asset(s) Loan Size (mln) Key facts
Sumitomo Mitsui Banking Corporation (SMBC) Oaktree Pure Data Centres €1900 The debt facility will bring forward projects in the Netherlands and Ireland.
Bond investors VGP Unsecured €600 The green bond pays a coupon of 4% per annum.
Bond investors Heimstaden Bostad AB Unsecured €500 The net proceeds of the bond issue will be used for general corporate purposes.
Deutsche Bank Pembroke Beach DAC Former Irish Glass Bottle site in Dublin €415 The new financing package would replace the existing one and provides stabilised financing for the residential phases now being completed and lease.
Bond investors MLP Unsecured €350 The 4.750 % senior green notes are due in 2031.
Maslow Capital Criterion St Giles Hotel in London £290 (€334) The facility backs the acquisition of St Giles Hotel and plans to convert office block Haymarket House into a hotel.
Song Capital Patron Hamberley care home portfolio £210 (€242) The refinancing provides Hamberley with long-term funding certainty.
Bank Millennium Hillwood Four assets in Poland €155 The loan finances the acquisition of four logistics parks.
Mediobanca Kryalos sgr Piazza Cordusio 3 €154 The five-year senior loan refinances the asset in Milan.
Deutsche Bank, Erste Group Bank, RBI, and Unicredit Bank Austria, Crédit Agricole CIB CA Immo NA €150 The RCF of €150m has a term of three years plus two one-year extension options.
Goldman Sachs Puma Real Estate Secured Credit Fund Unsecured £100 (€115) The deal marks Puma Property Finance’s first use of back leverage.
Caixa Bank Nepa srl Hotel Park Hyatt in Milan €83 Nepa owns both the building and the operating business.
Deutsche Hypo – NORD/LB Real Estate Finance Sicore Real Assets office building on Leopoldstrasse in Munich €50 The property was developed in 2013.
Tikehau Dea Capital Real Estate SGR Rome office building €42 The loan is the firm’s first real estate credit transaction in Italy.
BNP Paribas Bank Polska Accolade Park Szczecin Trzebusz €42 As part of the first phase of the investment, over 25,500m2 of modern industrial space is being delivered.
Alpha Property Lending Fiera Real Estate and Danescroft Logistics scheme at Claverings Industrial Estate in Edmonton, North London. £24 (€28) The loan will fund development of the scheme.
Bank Pekao Panattoni Panattoni Park Białystok III €24 The loan is for the construction of the asset.
Atelier Study Inn 203-bed PBSA scheme in Birmingham £21.7 (€25) The development loan will support delivery of the scheme.
Fiera Real Estate Debt Strategies Chancerygate L’Alter Business Park in Valencia €14 The senior development loan will finance the construction of the asset.

 

 

New mandates/JVs and funds on the market   
Firm Fund/mandate/JV Strategy Details
CBRE Investment Management Real Estate Partners 2 Investing in global real estate secondaries with an opportunistic risk-return profile The Fund raised $1.62bn in capital commitments, surpassing its original $1.25bn target.
Patrimonium Asset Management, Bayview Asset Management CRE financing platform Providing senior and subordinated financing for the commercial real estate market in Germany, the Netherlands, France and Luxembourg. The platform is targeting a volume of €500m.
Impact investor Bridges Fund Management Bridges Property Alternatives Fund VI Focusing on needs-driven sectors with strong growth fundamentals such as housing, healthcare and logistics. Bridges has raised over £440m (€508m) for the strategy, with UK local government pension schemes (LGPS) and Fidelity International among its investors.
Patrimonium AM and Bayview AM European CRE financing JV Providing commercial real estate loans for the European market, particularly in Germany, the Netherlands, France, and Luxembourg. The two companies have established a platform with an initial commitment of €500m.
Amvest Amvest Residential Core Fund Investing in sustainable, high-quality, and future-proof rental properties in the Netherlands. The fund raised €200m in new commitments from Dutch funds.