UK property firm British Land has completed the purchase of a shopping centre and retail park in the Spanish town of Murcia for EUR 350 mln as part of a joint venture with Pillar Retail Europark Fund (PREF). The deal reflects an initial yield of around 5%, British Land said. The 120,000 m[sup]2[/sup] Nueva Condomina scheme was acquired from Deparcom, a joint venture between Eroski and Grupo Trusarm.
UK property firm British Land has completed the purchase of a shopping centre and retail park in the Spanish town of Murcia for EUR 350 mln as part of a joint venture with Pillar Retail Europark Fund (PREF). The deal reflects an initial yield of around 5%, British Land said. The 120,000 m2 Nueva Condomina scheme was acquired from Deparcom, a joint venture between Eroski and Grupo Trusarm.
'The Nueva Condomina development is a very rare opportunity to acquire a prime asset in a market where there is clear evidence of a growing number of international retailers pushing into the country,' said British Land's Valentine Beresford.
