South African investment funds Resilient Reit and Lighthouse Properties have acquired the Salera shopping center in Castellón, Spain from German asset manager DWS for €171 mln.
The funds secured the deal with a 10% upfront payment and formed a 50/50 joint venture, Propco, to manage the acquisition.
Initial plans prioritize a debt-free purchase, with future considerations for senior bank financing. Completion of the transaction is expected before 29 February.
Boasting 68,752 m2, Salera houses an Alcampo hypermarket (not included in the deal) and over 140 international and Spanish tenants, including Primark, H&M, and Inditex brands. Entertainment options like a cinema and bowling alley further solidify its appeal.
Completed in 2006 by DWS for €130 mln, Salera was redesigned to a higher standard between 2018 and 2021, as part of a €13 mln investment, creating a new plaza and adding new tenants.
With no direct competition within a 100 km radius, Salera enjoys a strategic location near the A-7 motorway and attracts a loyal following – 9 million visitors annually, exceeding pre-pandemic numbers.
The shopping centre is located on the southwestern outskirts of Castellon with excellent transport connections.
This strategic move follows the funds strong investment appetite for prime retail assets in regions with robust economic foundations.
Lighthouse Properties closed its first Spanish deal in 2022, acquiring the Torrecárdenas shopping centre in Almería from property developer Bogaris for €172 mln.
