London-based private equity firm Oak Hill Advisors has joined forces with Spanish developer Murias Grupo Empresarial to acquire the Almenara de Lorca shopping centre in Murcia, Spain from landlord Carrefour Property.
Financial details were not disclosed.
The scheme, which opened its doors in autumn 2008, provides over 67,000 m2 of gross lettable area, 55,000 m2 of which included in the transaction. The mall comprises over 160 shops including a Carrefour hypermarket and a Media Markt superstore.
Carrefour bought the scheme last year from Basque supermarket chain Eroski as part of a 36-property strong portfolio. The mall had been struggling to attract retailers although its performance improved slightly in past months following the opening of the Carrefour hypermarket.
Oak Hill and Murias are planning an investment of €5-10 mln to upgrade the mall. LyC Consultores will be in charge of the management of the centre.
C&W advised the vendor on the deal.
It is the third joint transaction made by Murias and Oak Hill Advisors following the corporate loan provided by Oak Hill to the Spanish group and the financing and development of the 34,000 m2 Melilla shopping centre.
Oak Hill's managing director Para Musa Sönmez and senior advisor Gonzalo Gonzalez said that the operation is part of Oak Hill's strategy to grow in the Spanish market through value-add transactions made together with strategic partners.
Oak Hill Advisors opened an office in Spain in 2005 and currently owns some €300 mln of assets in the country.
