Spanish REIT Lar has agreed to acquire the Gran Via de Vigo shopping centre in the Galicia region from US private equity firm Oaktree.
The deal, believed to amount to around €145 mln, is expected to close in October this year.
Oaktree bought the asset in June 2014 in its first foray into the Spanish property market. It spent just over €110 mln, or a 7% net yield, for the asset, which was sold at the time by ING Real Estate.
Completed in June 2006 by developer ING RED, Gran Via de Vigo provides 40,500 m2 of gross lettable retail space anchored by a Carrefour hypermarket. It offers 133 retail units and 1,850 parking spaces.
The asset is almost fully let and is managed by Auxideico, part of ECE group.
This is the second asset acquired by Lar from Oaktree following the purchase in October last year of the Megapark Barakaldo mall in Vizcaya, for €170 mln.
To finance the acquisition as well as further investments for a total of around €700 mln, Lar said last week it has approved a €147 mln capital increase. The Spanish REIT owns roughly €1 bn of assets at present.
