The Spanish arm of Netherlands-based property group TCN has signed an agreement to purchase Les Mates retail & leisure park in El Vendrell, Spain. The 10,000 m[sup]2[/sup] centre is located next to the N340, the regional road which connects Barcelona with Tarragona.
The Spanish arm of Netherlands-based property group TCN has signed an agreement to purchase Les Mates retail & leisure park in El Vendrell, Spain. The 10,000 m2 centre is located next to the N340, the regional road which connects Barcelona with Tarragona.
'The purchase is in line with TCN Spain's objective of acquiring existing retail parks in need for extra management attention,' the company said in a statement.
TCN Spain said it will work closely with local managing company Cross Tower to redevelop Les Mates into a fully let retail park with a maximum 15.000 m2 of space in three years. Dutch real estate financier SNS Property Finance provided a credit facility of approximately EUR 20mln for the purchase.
Established in 1994, TCN has offices in the Netherlands, Germany, Portugal, Belgium, Spain, Charlemagne, Russia, South Africa and the UK. TCN also has several activities in Austria and Turkey.
