Private equity firm Patron Capital and Spanish retail specialist Eurofund Capital Partners have acquired three shopping centres in Spain with a combined area of nearly 45,000 m2.
The two companies plan to invest around €13 mln in modernising the three assets, El Mirador in Cuenca, Los Alcores in Alcalá de Guadaira near Seville, and Alzamora in Alcoy.
El Mirador has more than 60 retail units over a total lettable area of 16,500 m2, with tenants including H&M, Cortefiel and Carrefour. Los Alcores has a gross lettable area of 12,500 m2 and has branches of Media Markt and Mercadona, while Alzamora has a wide range of outlets including Zara, Massimo Dutti and Springfield within 16,000 m2 of retail space.
Keith Breslauer, managing director of Patron Capital, said the company was looking for property-backed investment opportunities across Europe.
'We continue to find Spain particularly interesting and have invested more than €200 mln here since mid-2015, with plans to invest a further €250-300 mln over the coming years,' he said.
Patron Capital and Eurofund teamed up last July to acquire the Dolce Vita Odeón de Narón, a 25,000 m2 retail and leisure asset near Ferrol. The complex is currently undergoing a €10 mln renovation by British architectural practice Broadway Malyan.
Patron Capital Partners represents around €3.4 bn of capital across its funds and co-investments, specialising in corporate operating entities underwritten by property assets and distressed debt and credit-related businesses.
Eurofund Capital Partners, part of the Eurofund Group, has jointly invested around €350 mln in Spanish real estate in the last 18 months and has established a partnership with UK-based Intu to develop around 950,000 m2 of mall space in four cities across Spain.
