What’s on the market in Spain

A number of large sales are currently under way in the Spanish real estate market, according to those who track the market.

IVG Immobilien is believed to have mandated Jones Lang LaSalle to sell a 6,300 m2 office building at General Lacy 23 in Madrid. The asset, housing the headquarters of agent Aguirre Newman, is being sold for around €20 mln.

In the northern city of Oviedo, Sonae Sierra and CBRE Global Investors are rumoured to be quietly looking for a buyer for their jointly held Parque Principado mall. The 75,000 m2 retail complex with 134 stores is expected to trade for some €150 mln.

Spain’s biggest mall, the 200,000 m2 Puerto Venecia shopping centre in Zaragoza, is also likely to come to the market in the near future after its co-owner, British Land, announced plans to exit Continental Europe. The UK REIT owns 50% of the scheme. Co-owner Orion is expected to retain its half share but might grab the chance of an opportunistic sale.

Spain’s bad bank Sareb also aims to ffload a large chunk of its €54 bn portfolio in the next 3-4 years.

The full article appears in the July edition of PropertyEU Magazine and is available to subscribers by clicking on the link: Bargain hunters turn to Spain.