Hungarian real estate fund Indotek has bolstered its Spanish portfolio with the acquisition of the Espacio León shopping centre from US investment giant Blackstone.
The deal, valued at €45 mln, marks Indotek's continued investment in the Spanish retail market.
Opened in 2004, the three-storey Espacio León centre spans 37,000 m2 and is anchored by major retailers such as Primark, MediaMarkt, JD Sports, and Mango. Its 80 stores attract approximately 4.1 million visitors annually.
Blackstone, which acquired the mall in 2015, undertook a significant renovation in 2018, enhancing the property's sustainability credentials, achieving BREEAM certification, and installing solar panels.
Despite initially listing the property for €100 mln in 2019, the asking price was reduced to €60 mln earlier this year. JLL advised Blackstone on the sale to Indotek.
Indotek's acquisition of Espacio León follows its purchase of the Factory Bonaire (near Valencia) and Vilamarina (Barcelona) shopping centres from Merlin Properties for around €22 mln.
This latest deal highlights the growing appetite for Spanish retail assets among investment funds. According to Savills, investment in Spanish shopping centres surged to nearly €740 mln in the first five months of 2024, a significant increase compared to the previous year.
