French listed property firm Frey has strengthened its position in Iberia with the acquisition of the Finestrelles open-air shopping centre in Barcelona for €127.5 mln.
The mall was bought from Equilis in a share deal. The purchase price will be subject to adjustment (upwards or downwards) based on the actual performance of the asset in 2023 and 2024, and may range from €123 mln to €155 mln.
‘This new acquisition strengthens our presence in Iberia. FREY is consequently continuing its strategy of expansion, with the ambition to become the European leader for sustainable retail,’ said Antoine Frey, Chairman and Chief Executive Officer of Frey.
He added: ‘Finestrelles Shopping Centre is a high-quality asset. It contains all the fundamentals that we appreciate at Frey and will enable the Group to deploy all its management and animation expertise. We are very pleased to integrate it in the REIT’s property portfolio.’
Located in Barcelona, in Esplugues de Llobregat, Finestrelles provides 39,250 m2 of retail space over 100 units with anchors such as H&M, Zara, Mango, Kiabi, Bershka, Decathlon, Alcampo, MediaMarkt, AliExpress Plaza.
Opened in November 2018, the scheme generated an estimate annual net rental income of €8.14 mln in 2022 (parking spaces included), with an occupancy rate of 96.5%.
