Spanish REIT Colonial Group has sold Viapark retail park, located on the outskirts of Vícar in Almería, in line with its non-strategic asset rotation policy.
Financial details were not disclosed.
In operation since 2008, Viapark is a commercial space with macro stores occupied by brands such as Carrefour, Decathlon, Bricomart or Kiabi.
The company began its divestment programme in 2022, and in recent months, has sold assets for a volume close to €500 mln in Spain and France.
The programme is part of Colonial’s flight to quality strategy which is based on active portfolio management, recycling capital for new value creation opportunities and improving the risk-return profile of the group.
Colonial's balance sheet now includes a LTV of 36% and almost €2.7 bn of liquidity. These levels make it possible to cover all Colonial’s debt maturities up until 2027.
Moreover, Colonial said it had a high level of coverage regarding interest rate rises, through a high volume of fixed-rate bonds in combination with hedging instruments contracted for long-term maturities. 100% of the group's net debt has a fixed interest rate.
The company received legal advice from Roca Junyent and commercial advice from Cushman & Wakefield.
