Doughty Hanson & Co Real Estate has acquired two shopping centres in Spain from Sonae Sierra for EUR 120 mln. The private equity real estate investor bought Plaza Eboli, a neighbourhood mall located in Pinto, one of the main towns in the southern Madrid metropolitan area, and El Rosal, a regional shopping centre located in Ponferrada, a town in the western province of Leon in north-west Spain.
Doughty Hanson & Co Real Estate has acquired two shopping centres in Spain from Sonae Sierra for EUR 120 mln. The private equity real estate investor bought Plaza Eboli, a neighbourhood mall located in Pinto, one of the main towns in the southern Madrid metropolitan area, and El Rosal, a regional shopping centre located in Ponferrada, a town in the western province of Leon in north-west Spain.
Plaza Eboli was completed in 2005 and occupies a commercial area of over 31,000 m2. El Rosal was completed in 2007 and has a gross lettable area of over 50,000 m2. Both centres have a diversified tenant mix and occupy strong positions in their respective catchment areas.
'Despite the challenges that the Spanish economy faces, we are impressed with the location and quality of both of these assets,' said Juan Barba, the Madrid-based principal who led the acquisitions for Doughty Hanson & Co Real Estate. 'We will draw upon our considerable experience as an opportunistic investor in the retail sector to generate value for our investors and the local communities in which these shopping centres are located.'
Julian Gabriel, the head of Doughty Hanson & Co Real Estate, said that the properties 'further cement the company's established position as an active investor in the retail sector'. 'Prior to these latest acquisitions in Spain, we have invested in 10 shopping centres in Europe, all of which have provided us with the opportunity to use our significant retail experience to create value in these assets across the economic cycle,' he said.
Ashurst acted as the legal advisor to Doughty Hanson & Co Real Estate.
Doughty Hanson & Co Real Estate has offices in the UK, France, Germany, Italy, Luxembourg, Spain and Sweden. Its two real estate funds have together committed to 36 investments in 10 countries, totalling more than 1.75 million m2 of space and a portfolio value in excess of EUR 4.5 bn.