European real estate private equity specialist PineBridge Benson Elliot (PBBE) sold the Imaginalia retail and leisure asset in Spain to Sofidy, a French real estate investment vehicle owned by Tikehau Group.
Financial details were not disclosed.
MetLife Investment Management-owned PBBE acquired the 44,318sqm asset in Albacete in 2014 in partnership with Estabona Asset Management, implemented an active asset management strategy.
Fernando Cerrada of PBBE said: “This transaction represents a successful execution of our value-add strategy and highlights our ability to deliver strong outcomes through active asset management and close collaboration with local partners. Imaginalia has proven to be a resilient asset, benefitting from its strong positioning as a food-anchored retail scheme serving the local community.”
Dilip Khullar, director of Estabona Asset Management, said: “The success of this type of project lies in the investor’s vision and their ability to understand the needs of the city. The objective of creating social value constitutes an essential component of these strategies.”
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