Spanish family-owned real estate group Gedeco Avantis has sold the H2Ocio shopping centre in Rivas near Madrid for around EUR 84 mln. Well-informed market sources told PropertyEU that the buyer is Alpha Pyrenees Trust, a closed-end real estate fund focusing on investment in France and Spain. Alpha Pyrenees declined to comment on Friday.

Spanish family-owned real estate group Gedeco Avantis has sold the H2Ocio shopping centre in Rivas near Madrid for around EUR 84 mln. Well-informed market sources told PropertyEU that the buyer is Alpha Pyrenees Trust, a closed-end real estate fund focusing on investment in France and Spain. Alpha Pyrenees declined to comment on Friday.

The deal is said to be nearly 90%-leveraged with the financing provided by Germany's Eurohypo. 'The pricing of this transaction is very aggressive if we consider that the construction costs alone of H2Ocio were around EUR 120 mln,' sources said.

Designed by star architect Chapman Taylor, the centre opened its doors in 2007. It comprises 120 shops across 55,000 m2 of gross surface, a 13-screen cinema and 2,750 parking spaces.

Gedeco Avantis has been under pressure to sell assets to meet debt payments.