ING Retail Property Partnership Southern Europe Fund (RPPSE) has acquired Alcala Magna, a 34,000 m[sup]2[/sup] shopping centre in Madrid, for EUR 130 mln. The two-level urban shopping centre, previously owned by ING Real Estate’s Development division, has been fully let since its opening last October. It also boasts 1,200 car parking spaces, a Mercadona supermarket and VidBoys, one of Spain's leading children’s leisure operators.
ING Retail Property Partnership Southern Europe Fund (RPPSE) has acquired Alcala Magna, a 34,000 m2 shopping centre in Madrid, for EUR 130 mln. The two-level urban shopping centre, previously owned by ING Real Estate’s Development division, has been fully let since its opening last October. It also boasts 1,200 car parking spaces, a Mercadona supermarket and VidBoys, one of Spain's leading children’s leisure operators.
The deal is the second significant acquisition by the fund in recent weeks. Last month, ING Real Estate announced that it had acquired Italian shopping centre, Roma Est, on behalf of RPPSE, in a EUR 400 mln joint venture with CIC Real Estate.
The RPPSE fund has a target size of EUR 1.2 bn to be invested in retail properties in Portugal, Spain and Italy.
