US-based privately held, independent real estate investment firm GIV Partners has announced the acquisition of La Poveda Shopping Center, a convenience retail centre in Madrid, Spain, for an undisclosed amount.
With this investment, GIV Partners said it is reaffirming ‘its long-term commitment to the Spanish market, where it has been investing over €300 mln since 2002.’
Parque Comercial La Poveda is a 15,000 m2 convenience retail centre anchored by a Mercadona supermarket, and complemented by a diverse tenant base aimed at providing all the essential day-to-day goods and services, including a Basic-Fit gym, shops and restaurants, in a primarily open-air environment.
‘GIV Partners’ acquisition of La Poveda, as an income-producing asset with great potential for value creation, fits squarely within our retail investment strategy, which focuses on well located, convenience-led, defensive centres,’ said Ezequiel Rodriguez Faílde, managing director responsible for the group’s business in the region. ‘We expect that the strong demographics in its catchment area, together with the diverse employer base surrounding the centre, will continue to support the centre’s performance, and also create opportunities to add tenants and increase leasable area by up to 35% in a second phase.’
Asked about the state of the Spanish retail market, Rodriguez Faílde said that ‘while the pandemic has accelerated and accentuated certain trends, the retail landscape has been changing for many years now’. ‘Bricks & mortar retail is not disappearing, it is changing. Certain concepts will not survive, but those firms capable of interpreting the changes and adapting their business, will continue to succeed,’ he said.
The transaction was brokered by Tower Property Investments, acting as an agent to the seller.
