Spanish supermarket group Eroski said it has sold the Bilbondo shopping centre to the Iberian value-added fund managed by ING Real Estate Investment Management for EUR 50 mln. Located in Basauri, Vizcaya, the centre offers an Eroski hypermarket and a retail gallery with over 50 shops. Eroski has leased back the hypermarket with a long-term rental agreement.
Spanish supermarket group Eroski said it has sold the Bilbondo shopping centre to the Iberian value-added fund managed by ING Real Estate Investment Management for EUR 50 mln. Located in Basauri, Vizcaya, the centre offers an Eroski hypermarket and a retail gallery with over 50 shops. Eroski has leased back the hypermarket with a long-term rental agreement.
Aareal Bank is financing the latest disposal by the Basque retail group following the completion of a two-stage sale-and-leaseback transaction with WP Carey for EUR 74 mln in February and the divestment of EUR 350 mln of properties to UK private investor Topland in 2008.
The company is also understood to be in 'exclusive talks' with French fund manager Stam Europe to sell the EUR 70 mln Ballonti shopping centre in Portugalete, offering around 25,000 m2 of retail space across 120 shops, as well as the Parque Almenara in Lorca, which opened its doors in autumn 2008 with 160 retail units across 60,000 m2.