Abu Dhabi Investment Authority (ADIA) is selling As Termas shopping centre in the north-western Spanish city of Lugo for around €70 mln, PropertyEU has learned.

Abu Dhabi Investment Authority (ADIA) is selling As Termas shopping centre in the north-western Spanish city of Lugo for around €70 mln, PropertyEU has learned.

According to well-informed market sources, the sovereign wealth fund is selling the asset to Spanish REIT Lar España Real Estate following a competitive process.

ADIA, acting through asset manager LaSalle IM, bought the shopping centre in 2005 from ING’s Spanish development arm Promodeico and hypermarket group Eroski for around €100 mln, or an initial yield of just over 6%.

The 45,000 m2 regional shopping centre is anchored by a 12,000 m2 Eroski hypermarket and includes 110 shops and restaurants in the two-level gallery. Tenants include Zara, Bershka, Cortefiel, H&M and Miro.

LaSalle IM declined to comment on the deal.

Seville shopping centre
Separately, Lar España's parent, Grupo Lar, acting in a joint venture with clients of La Caixa Private Banking, is selling Airesur, the largest shopping centre in the southern Spanish city of Seville.

Private equity firm Perella Weinberg already owns a loan secured by the 70,000 m2 asset and is understood to be considering the purchase of the scheme. Airesur opened in June 2004 and was sold to Grupo Lar in 2006 for over €100 mln.

Lar España Real Estate declined to comment on the deal.