US private equity firm Oaktree has made its first foray into the Spanish property market with the acquisition of the Gran Via de Vigo shopping centre in the Galicia region.
US private equity firm Oaktree has made its first foray into the Spanish property market with the acquisition of the Gran Via de Vigo shopping centre in the Galicia region.
According to local press reports, ING Real Estate is divesting the asset in the northwestern part of Spain for just over €110 mln, reflecting a 7% net yield.
The sale price is said to be equal to the asset's development cost eight years ago.
Completed in June 2006 by developer ING RED, Gran Via de Vigo provides 40,500 m2 of gross lettable retail space anchored by a Carrefour hypermarket. It offers 133 retail units and 1,850 parking spaces.
The asset is almost fully let and is currently managed by Auxideico, part of ECE group.
Both ING Real Estate and Oaktree did not immediately return a call seeking comment.
Agent CBRE brokered the deal.
