A Spanish real estate investment trust (REIT) majority-owned by South African investors has bought nine retail parks across Spain for €193m.
Castellana Properties Socimi, in which South Africa’s Vukile Property Fund owns a 93% stake, acquired the porfolio from a joint venture between European listed property company Redevco and US private equity firm Ares Management.
Redevco Iberian Ventures, the joint venture launched in 2015, has been managing and improving the retail parks, which encompass some 117,700sqm and are 97% occupied.
They are leased to 72 tenants, including grocery chains Mercadona, Aldi and Dia, and fashion brands C&A, Kiabi and Merkal Calzados.
Andrew Vaughan, Redevco’s CEO, said: “Our joint venture has taken these properties to the next level, cementing their dominance in their catchment areas so that they continue to attract shoppers and retailers.
“We identified a number of initiatives to enhance the operating performance of these assets, and we have worked closely with our tenants to modernise and improve the quality of the parks.”
Bill Benjamin, partner of Ares Management and head of the Ares Real Estate Group, said: “Ares invested in these retail parks at the early stages of the Spanish recovery.
“This sale demonstrates the strength of our JV, which enabled us to quickly assemble and reposition a portfolio of critical mass for exit to an institutional buyer.”
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