Spanish REIT Merlin Properties has sold two shopping centres to Indotek Group, the first investment by the Hungarian investment manager in Spain.
The purchase price for Factory Bonaire and Vilamarina is estimated at around €22 mln.
Located in Aldaia near Valencia, Factory Bonaire houses outlets from Desigual, Décimas, Adidas, Mango, Guess, Nike, Puma, Skechers, as well as restaurants such as Burger King.
The 32,000 m2 Villamarina shopping centre in Viladecans near Barcelona was built in 2009 and has 90 stores, with brands such as H&M, Jack & Jones, Springfield, Women's Secret, Cortefiel, La Casa del Libro and Décimas, as well as restaurants such as Goiko, KFC, 100 Montaditos and Enrique Tomás.
Both Factory Bonaire and Vilamarina are considered as non-strategic assets by Merlin Properties and were up for sale for years.
The main reason for divesting Factory Bonaire is the small size of the asset, in addition to being the only outlet in the portfolio, while Vilamarina requires a strong capex investment to reposition it.
Both were added to Merlin Properties’s portfolio in 2016, when it integrated the tertiary assets (offices and shopping centers) of Metrovacesa, in exchange for giving Santander and BBVA a stake in the capital.
For its part, Indotek has a rental portfolio of over 2.1 million m2, including over 40 office buildings and shopping centers in Hungary, as well as hotels, industrial and logistics buildings and residential developments.
The group is currently expanding in Europe with the aim of diversifying its investments.
In January, Indotek announced the setting up of the BudaSorra joint venture with Spanish hotel group Ibersol to invest in major tourist destinations in Spain and Portugal.
