Morgan Stanley Real Estate Investing has sold a portfolio of three Spanish shopping centres for a 75% discount to the price it paid for the assets back in 2007.
Morgan Stanley Real Estate Investing has sold a portfolio of three Spanish shopping centres for a 75% discount to the price it paid for the assets back in 2007.
According to Spanish press reports, MSREI has agreed to sell the malls to Incus Capital, a newly created Spanish investment firm.
The sale price is understood to amount to around €30 mln, which compares to the €116 mln which the US investment bank and its local partner, Lar Group, paid for the properties six years ago.
The deal represents Incus Capital's first acquisition in Spain.
As tipped by PropertyEU, MSREI put the malls on the market in early 2012 for €65 mln, reflecting a yield in the double-digit range.
The assets are 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.
Both Incus Capital and MSREI declined to comment on the deal.
