German fund manager Commerz Real has sold the Espai Girones shopping centre in Girona, Spain to Lighthouse Properties for around €168.2 mln.
The firm said the price represents a premium of around 25% to the amount paid for the asset in 2005 (about €127.8 mln).
‘The property was ready for the market and we took advantage of the increased demand for shopping centres to achieve a good result for our investors,’ said Mario Schüttauf, fund manager of Commerz Real’s open-ended fund Hausinvest which held the property.
Located in the city of Girona, halfway between Barcelona and Perpignan, Espai Girones is fully let with 105 shops over 40,000 m2 of rental space.
Commerz Real noted that the mall’s structural connection to the neighbouring retail park drove visitor numbers and lettings, and was one of the reasons for its increase in value. This proximity also enabled it to attract two major anchor tenants, Primark and Auchan subsidiary Alcampo, causing visitor and turnover figures as well as space productivity to return to pre-Covid levels.
