UBS Asset Management's (UBS-AM) Real Estate & Private Markets (REPM) business has acquired the retail gallery section of Las Rosas Shopping Centre in the San Blas district of Madrid for €57 mln from Hispania Retail Properties.
Las Rosas, which is the dominant shopping centre in its immediate catchment area, comprises 29,400 m2 over two floors. It includes 91 indoor retail units totalling almost 9,300 m2 – which UBS-AM have acquired – as well as a Carrefour hypermarket, a Cinesa cinema and 1,800 underground parking spaces.
Currently 94% let, the centre is anchored by one of Spain’s top five performing Carrefour stores, with Mango, McDonald’s, Primor, RKS, Springfield, and Foster Hollywood among the property's other tenants.
'Las Rosas is a consolidated and dominant shopping centre within its catchment area and is a high performing asset, attracting almost seven million visitors each year,' commented Jesús Silva, head of REPM – Iberia at UBS-AM. 'We believe that there is an opportunity to further improve this performance through a tailored asset management plan, while the investment is also reflective of our view that the Spanish economy has a promising future over the medium term.'
San Blas is in the south east of Madrid and provides a catchment of over 700,000 inhabitants.
The vendor, Hispania Retail Properties (HRP), a partnership owned by GreenOak Real Estate amongst others, acquired the centre as part of a portfolio deal in 2014. This transaction follows divestments in 2016 including the sale of Vistahermosa Retail Park in Alicante and a three asset portfolio deal which closed last summer.
The acquisition brings REPM’s assets under management across the Iberia business to circa €772 mln. REPM has operated in Iberia since 2003 and currently manages seven funds or separate account mandates with a portfolio of Iberian assets spanning the office (57%), logistics (6%) and retail (37%) sectors.
