Asset manager UBS has signed the acquisition of the Zielo shopping centre in Pozuelo near Madrid in Spain from developer Hines' European Value Added Fund for around 鈧�70 mln.
Asset manager UBS has signed the acquisition of the Zielo shopping centre in Pozuelo near Madrid in Spain from developer Hines' European Value Added Fund for around 鈧�70 mln.
Opened in November 2009, the mall offers 15,555 m2 of leasable space over 42 shops on three levels and is 97% occupied.
Hines is believed to have invested around 鈧�100 mln in the development of the mall, which was designed by architect Alberto Mart铆n Caballero.
'Trophy assets in major cities or assets which are dominant in their catchment areas like Zielo Shopping are sought after both by national investors such as the Spanish REITs as well as by international players,' commented Elaine Beachill, capital markets manager of Knight Frank, which advised UBS on the deal.
CBRE acted for Hines.
Zielo was refinanced by German lender Eurohypo with a 鈧�50 mln facility in 2011, representing one of a just a few refinancings carried out by an international bank in Spain in the same year.
