LaSalle has acquired Las Mercedes Retail Park retail and commercial park in the east of Madrid on behalf of its open pan-European fund Encore+. Financial details were not disclosed.
Completed in 2015, the retail park comprises a total lettable area of just under 22,000 m2. The asset is fully let and anchored by the DIY retailer Bauhaus as well as the discount grocery store Aldi.
‘With Las Mercedes Retail Park, we have identified an exceptionally attractive opportunity to increase exposure of Encore+ to high-value, income-generating retail assets with a heterogeneous industry profile and potential for alternative uses,’ said David Ironside, fund manager for Encore+ at LaSalle Investment Management.
He added: ‘The transaction comes at an opportune moment when the vacancy rate in Madrid is historically low while the new development pipeline is limited. The location is compelling as an established urban retail and office submarket, providing a mix of strong-performing long-term tenants which will generate diversified cash flows and sustain strong returns for our investors.’
The deal was brokered by Cushman & Wakefield.
