UBS Real Estate, acting on behalf of its fund UBS (D) 3 Kontinente Immobilien, has acquired Ribera del Xúquer shopping centre located in Carcaixent, Valencia, from Grupo Lar and Eroski. The scheme comprises a 22,000 m[sup]2[/sup] of retail gallery and a 12,476-m[sup]2[/sup] Eroski hypermarket and petrol station. The fund has purchased only the retail gallery, which is anchored by Zara, H&M, C&A, Cortefiel, Stradivarius, Pull & Bear, Oysho, Massimo Dutti, Springfield, Blanco, Burger King and Gino's. Eroski will keep the ownership of the hypermarket and the petrol station.
UBS Real Estate, acting on behalf of its fund UBS (D) 3 Kontinente Immobilien, has acquired Ribera del Xúquer shopping centre located in Carcaixent, Valencia, from Grupo Lar and Eroski. The scheme comprises a 22,000 m2 of retail gallery and a 12,476-m2 Eroski hypermarket and petrol station. The fund has purchased only the retail gallery, which is anchored by Zara, H&M, C&A, Cortefiel, Stradivarius, Pull & Bear, Oysho, Massimo Dutti, Springfield, Blanco, Burger King and Gino's. Eroski will keep the ownership of the hypermarket and the petrol station.
The centre is laid out over two retail floors and has recently been reconfigured with the cinemas, bowling alley and part of the food court on the first floor substituted for a stronger fashion offer including H&M, C&A, Cortefiel, Blanco and Celio. The centre is currently 95% let, with fashion & accessories representing over 70% of the total GLA.
Savills advised UBS Real Estate on the acquisition of the shopping centre. Investment director, Luis Espadas says: 'Despite the lack of transactions that have taken place in 2009 and investors’ coinciding interests when it comes to product type, UBS has proved with this acquisition that there are plenty of opportunities to purchase good quality, well located secondary schemes, with scarce competition which are dominant within their catchment areas, provided the tenant lineup, size and price are right'.
