Mexican family office Cojab, along with Canary Islands shopping centre giant Grupo Shantiprem, has purchased three malls in Spain for around €70 mln.
El Mirador in Cuenca, Alzamora in Alcoy (Alicante), and Odeón de Narón in Ferrol (A Coruña) have a combined commercial area of 60,000 m2.
They were previously owned by Spanish family office Eurofund and UK fund Patron Capital.
Odeón stands out as the biggest acquisition, boasting 25,000 m2 of commercial space. It was purchased by Patron and Eurofund in 2015 and features popular brands like Zara, Mango, and H&M.
El Mirador in Cuenca comprises 16,400 m2 across two floors. Patron and Eurofund acquired it in 2017, the same year they added Alzamora in Alcoy to their portfolio. Alzamora offers more than 16,000 m2 of leasable space.
It is not the first time Cojab and Grupo Shantiprem have joined forces. In 2020, they co-purchased Espacio Torrelodones, and last year, their joint venture Cojawinvest acquired the Itaroa shopping centre in Huarte (Navarra).
Eurofund and Patron Capital are also selling the Los Alcores shopping centre in Alcalá de Guadaira (Seville) but have yet to find a buyer.
The Spanish shopping centre market has seen significant activity in recent years. Major sales like Islazul (for €200 mln to Henderson Park) and Salera (for €170 mln to South Africa’s Lighthouse Properties) highlight continued investor interest, even after periods of lull in past transactions.
Also in Spain, Blackstone is selling Espacio León, the biggest shopping centre in León with 26,000 m2 of gross leasable area, and is seeking around €60 mln.
Other shopping centres seeking buyers include Splau in Cornellà, Zielo Shopping in Madrid (owned by UBS), Los Fresnos in Gijón (owned by Ares and Redevco), and Moraleja Green in Madrid (owned by Kennedy Wilson)
