Henderson refurbishes Spanish assets

Henderson Global Investors announced it is finalising major investments into two Spanish shopping it manages.

Both Parque Miramar Shopping and Leisure Centre in Fuengirola and L'Aljub Shopping Centre in Elche are owned by Herald, Henderson's EUR 900 mln pan-European retail fund.

At Parque Miramar, where Henderson partners with Grupo Myramar, an agreement has been reached with the city council to increase the centre by 6,867 m2, adding to the existing 68,500 m². The extension will be accompanied by an upgrade to the centre's leisure areas, its image and its branding. The centre’s retail offering will also be improved with a number of new top level brands. The entire project will generate an estimated 150 new jobs.

At the L'Aljub Shopping Centre in Elche, the refurbishment of the restaurant and leisure area will include the addition of a number of new offerings, including Muerde la Pasta and Brasa y Leña. These will join new Inditex fashion brands - Lefties and Bershka Man - which have recently opened new stores at the centre.

Paul Nicholls, head of asset management for Herald, said: "These initiatives, undertaken at a complex time for the market, seek to increase and preserve the value of these assets. We believe that well-defined asset management, accompanied with the right investment, is the best way to boost footfall, dwell time and business performance for our tenants which in turn enhances investment returns for our clients.'

Henderson's property business has been active in Spain since 2007. It currently manages properties for five property investment funds (Herald, Warburg - Henderson Pan-Europa Fonds Nr. 1, Warburg - Henderson Pan-Europa Fonds Nr. 3, Warburg - Henderson European Core Property Fund No. 1 and RZVK-Immo-Fonds). The Spanish portfolio comprises four shopping centres (Nervión Plaza, Parque Miramar, L’ Aljub and Getafe Bulevar), two retail parks (Parque Mijas and Parque Comercial Meixueiro) and a logistics platform in Madrid.