French retail property specialist Frey has re-entered the Spanish market with the €82.5 mln acquisition of Parc Vallès, an open-air retail and leisure park in the vicinity of Barcelona.
The deal, which was financed with the company's own resources, reflects the company's European expansion strategy, Frey said in a statement.
Pradera is the vendor of the asset.
'This transaction marks the re-launch of our European expansion,' commented CEO Antoine Frey. 'We are happy to start with Spain, where we have already been active as developer in the year 2000s.'
First opened in 1998 and redeveloped in 2015, the asset provides 42,000 m2 of commercial space with tenants including Mango, Nike, Maisons du Monde, MediaMarkt, Burger King, a Mercadona supermarket and a 16-screen multiplex. It is 98% let with annual rents of €5.3 mln.
