Morgan Stanley Real Estate Investing has put a portfolio of three Spanish shopping centres on the market for a price tag of EUR 65 mln, reflecting a yield in the double-digit range.
Morgan Stanley Real Estate Investing has put a portfolio of three Spanish shopping centres on the market for a price tag of EUR 65 mln, reflecting a yield in the double-digit range.
According to well-informed market sources, the package includes the 16,000 m2 Alzamora Alcoy in Alicante, the 13,000 m2 Los Alcores in Seville and the 16,000 m2 El Mirador in Cuenca.
It is undestood that Morgan Stanley bank has taken a stake in the assets which were initially bought by MSREF/Grupo Lar back in 2007 from SEB Immobilien Investment for as much as EUR 116 mln.
Morgan Stanley declined to comment.
The news comes shortly after the recent disposal lof the Bahia Mar shopping and leisure centre in Cadiz, southern Spain, by a joint venture of German bank Eurohypo and Belgium's privately-owned GL Group. The scheme provides 21,000 m2 of gross retail space. Financial details were not disclosed.
