CBRE Global Investors is looking to divest a number of shopping centres in Spain and Italy, PropertyEU has learned.
CBRE Global Investors is looking to divest a number of shopping centres in Spain and Italy, PropertyEU has learned.
In Spain, the European asset manager is on the verge of selling the 84,900 m2 El Boulevard regional shopping centre in Vitoria, Northern Spain, for a yield below 6.75% after having received a dozen bids for the asset, which comprises 161 shops and 4,000 parking spaces.
The cap rate compares to a net initial yield of 7.2% paid by Intu and CPPIB for the Parque Principado regional mall in late 2013, giving an indication of the extent to which values are rising as a result of growing competition in the market.
Opened in 2003, the Boulevard mall is anchored by an Eroski hypermarket, Leroy Merlin, Media Markt, Primark and various Inditex Group brands.
Near the Spanish capital, CBREGI is selling the 34,000 m2 Alcalá Magna in Alcalá de Henares for a price believed to be well above €70 mln. The shopping centre was bought by ING (since taken over by CBRE) for its retail fund in March 2008 for as much as €130 mln.
Also in Spain, CBREGI is believed to have explored the sale of Moraleja Green near Madrid for about €90 mln but it has not been brought onto the market.
In Italy, CBREGI is putting its "I Petali" shopping centre up for sale. Located in Reggio Emilia, the mall is managed by Multi and provides nearly 28,000 m2 of gross lettable space.
The scheme was bought by ING REIM (today CBREGI) in March 2008 for €91 mln.
Jose Borregon, country manager Spain & Portugal at CBREGI was unable to comment on any specific sales. However, he noted that the group's long-term strategy for the Iberian business is to continue to grow. 'We have been rotating the portfolio and refreshing it with timely disposals. Our disposals programme is about selling liquid, non-strategic assets in line with investors’ requirements as well as continuing to look for new investment opportunities in the market.'