Spanish REIT Lar España has announced the acquisition of the Rivas Futura retail park in Rivas Vaciamadrid, near Madrid, from Credit Suisse Asset Management for €62 mln.
The asset represents Lar's first retail asset in Madrid. It provides 55,000 m2 of space let to 24 tenants including Media Markt and Conforama and has an occupancy rate of 94%. The asset receives over six million visitors every year.
Lar said that the deal makes it the largest retail park owner in Spain, with a 152,000 m2 portfolio encompassing three assets, Megapark Barakaldo, Parque Vistahermosa in Alicante and Parque Abadía in Toledo.
Credit Suisse bought the asset in 2015 from US private equity firm Lone Star.
Opened in May 2006, Rivas Futura was initially developed by Avantis and sold to AXA Real Estate's ERIV II fund for a price of €81 mln. Later on, the asset was repossessed by its creditor, Eurohypo and included in Commerzbank's massive Spanish portfolio loan sale to Lone Star and JP Morgan in 2014.
