CBRE Global Investors has found a buyer for the 84,900 m2 El Boulevard regional shopping centre in Vitoria-Gast茅iz, Northern Spain.
CBRE Global Investors has found a buyer for the 84,900 m2 El Boulevard regional shopping centre in Vitoria-Gast茅iz, Northern Spain.
According to well-informed market sources, Dutch financial and insurance group ING is exercising a pre-emption right on the asset and is acquiring the centre for around 鈧�135 mln.
The scheme comprises 161 shops and 4,000 parking spaces. It is believed to have received a dozen bids from a number of investors including Grupo Lar's recently-launched real estate investment trust.
C&W is managing the sale process on behalf of the vendor. The deal is expected to close by June 2014.
CBRE Global Investors and C&W declined to comment.
Opened in 2003, the Boulevard mall is anchored by an Eroski hypermarket, Leroy Merlin, Media Markt, Primark and various Inditex Group brands.
Near the Spanish capital, CBRE GI is also selling the 34,000 m2 Alcal谩 Magna in Alcal谩 de Henares for a price believed to be well above 鈧�70 mln. The shopping centre was bought by ING REIM (since taken over by CBRE GI) for its retail fund in March 2008 for as much as 鈧�130 mln.
Also in Spain, CBREGI is believed to be divesting Moraleja Green in Alcobendas, near Madrid, through Cushman & Wakefield for about 鈧�90 mln. The asset has received 10 offers so far and the sale process is in the second stage.
