Listed Dutch retail property firm Vastned has put a portfolio of nine assets in Spain up for sale, according to a report in Spanish newspaper El Economista.
Vastned is said to be seeking a price of €100 mln for the properties, which are located on the prime shopping streets of Madrid, Malaga and Leon. The assets were valued at €99 mln at end-June, according to Vastned's first-half financial report.
A spokesman for the company declined to confirm the reports when contacted by PropertyEU.
The properties in Madrid are located on Calles Serrano, José Ortega y Gasset, del Carmen and Fuencarral. The portfolio also includes a store located at 9 Plaza de la Constitución in Malaga and another in León, on Avenida Ordoño II. In total, the nine assets comprise more than 3,300 m2 of gross leasable area and generated net rental income of €1.3 mln in the first six months of the year, El Economista reported.
A sale would mean a full exit for Vastned from the Spanish market, which accounts for around 6.5% of its €1.5 mln portfolio. The company is also active in France and Belgium, besides the Netherlands.
Spain has been hit hard by the coronavirus pandemic, which has battered its tourism sector, leading to deserted city centres and high streets. The outlook for the retail sector is bleak: according to a report by consulting firm Forcadell and the University of Barcelona, the percentage of empty retail premises may touch 20% in the first quarter of 2021.
