Lighthouse Properties has acquired the Espai Girones shopping centre in Spain from Commerz Real for €168.2m.
Commerz Real said the fully-let 40,000sqm mall of 105 shops was held within its open-ended real estate fund Hausinvest’s portfolio, adding that it paid around €127.8m to acquire the asset in 2005.
Mario Schüttauf, fund manager of Hausinvest, said: “The property was ready for the market and we took advantage of the increased demand for shopping centres to achieve a good result for our investors.”
Espai Gironésis is located on the outskirts of the provincial capital, Girona, adjacent to the major AP-7 motorway that connects France to the greater Barcelona region.
Lighthouse Properties said the latest acquisition will further increase its Iberian exposure to 76% of the value of Lighthouse’s directly held properties.
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