CASTLE. Two investment funds, one South African (Resilient Reit) and another based in Malta, although it trades on the South African stock exchange (Properties of the PLC beacon) bought Castellón Salera shopping center for 171 million euros.
The operation, which the business daily anticipated Five daysit was signed on December 21st, just before the start of the Christmas holidays, and will come into force once the total amount has been paid, but always by February 29th, as reported by both funds in their respective documents intended for investors.
It was the Maltese fund that reached the agreement for the “100%” purchase of a shopping center in Spain, as reported in its documentation before the end of the year, dated December 4. Subsequently, the European company reached an agreement with the South African fund so that both would equally share the amount of the operation.
They have already paid 17 million
The purchase by the current owner was completed by the Spanish branch of the German fund DWS Grundbestiz GmbHResilient Reit and Lighthouse Properties PLC have expressly created a company, Propco, which will have the commercial space in Castellón as its sole asset and in which they will share a 50% stake.
“Propco will not initially use bank financing for the acquisition, although it intends to introduce senior bank debt in due course,” the buyers underline in the documentation with which they informed their investors of the operation. At the moment they have paid 10% of the total amount (17 million), at the time of signing the operation, and they will do the same the rest on the closing date of the sale, which, as has been said, will be before February 29th.
Malls are not a new segment for shoppers. The former, in fact, already manages 27 shopping centers in areas as diverse as Nigeria and France (where it has four). For its part, Lighthouse Properties has its most diversified business, from real estate and infrastructure to stocks, but it also has the “retail business” among its niches. The Maltese fund underlines that the operation is part of its activity of “investing in shopping centers located in large cities in Western Europe that have strong economic support” and that it will allow it to expand “the company’s presence even further” in the Iberian peninsula.
“Dominant in Castellón”
In highlighting the advantages of Salera to make the sale, the buyers underline that the shopping center is “the dominant one in the province of Castellón”, which has a population of “600,000 inhabitants”. Its space offering reaches 68,752 square metres, of which 13,693 are occupied by the Alcampo hypermarket, which “is not part of the acquisition”.
The rest, he underlines, “is entirely rented to 147 important national and international tenants”, among whom he mentions some of the most relevant brands that have their space in Salera. Furthermore, the shopping center’s “entertainment offering” is highlighted, which includes “a 14-screen cinema, an arcade, a bowling alley and a food court”. Likewise, he points out that the annual influx of people is “9 million,” which represents an increase of 8.7% over 2019 levels.
2023-12-29 15:34:42
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