Realia sells stake in Nervion Plaza mall for EUR 94m

Spanish property company Realia has sold its majority interest in the Nervion Plaza shopping centre in Seville, Spain to Henderson Global Investors for around EUR 94 mln.

Iñigo Aldaz, managing director of Realia, said the sale is part of the company's strategy to actively manage its portfolio and dispose of mature properties. 'The operation was closed at market price and has generated an important capital gain for the company,' he added.

The fully let shopping centre offers over 25,000 m² of space, of which Realia owned around 16,000 m². The scheme opened to the public in 1998 and currently offers a total of 63 shops and nearly 1,300 parking spaces. Major tenants include Grupo Inditex' Zara, Maximo Dutti, Zara Home, Uterque, and Berskha. Cushman & Wakefield advised Realia on the transaction.

Following the sale of Nervion Plaza, Realia owns eight retail and leisure centres with total space of 134,000 m². Recently, the company opened the Plaza Nueva de Leganés mall near Madrid, with 52,000 m² of space. Realia, which is owned by FCC and Caja Madrid, is currently developing the As Cancelas shopping centre in Santiago de Compostela, which will have over 50,000 m² of space.

The Madrid-based firm is active in office property development in France and Spain through its SIIC de Paris real estate arm, as well as in shopping centre development and management in Spain.