Europa Capital and local partner LyC Consultores have acquired the retail gallery of the Gran Via shopping centre in Alicante, Spain from Deutsche Bank's real estate arm for €53 mln.
Gran Vía is an urban centre that boasts Alicante's only Primark and was refurbished in 2012. The centre comprises 37,300 m2 of gross lettable area providing the retail gallery of 20,300 m2 GLA and an owner occupied Carrefour hypermarket.
The retail gallery provides 80 retail units and is anchored by H&M, Primark and Lefties.
'We are delighted to invest in Gran Vía, which is a well-established retail asset where we can see the opportunity to enhance performance at a time when the city of Alicante continues to reflect the improved economic environment in Spain and its growth as a leading global tourist destination,' commented Jason Oram, head of Southern Europe at Europa Capital.
Savills advised Europa Capital on the acquisition. JLL acted for the vendor.
