Sign up for free newsletter

 

Invesco Real Estate acquires EUR358m portfolio of 11 Spanish hypermarkets


Invesco Real Estate (IRE) has exchanged contracts on the acquisition of a portfolio of 11 hypermarkets in Northern Spain, for its open-ended pan-European fund.

This is the fund’s third acquisition in Spain since beginning its acquisition programme in 2009 and marks the firm’s conviction that Spain is currently one of the fastest growing economies in the Eurozone and there are interesting opportunities available today for institutional investors.
 
Paddy Bingham, Managing Director - Fund Management at IRE, says: “The fund has always had a target weighting towards Spain. Thanks to our local transactions team who understand where the real value lies within the Spanish marketplace and have the right contacts to gain access to the right deals off-market. We are delighted to have secured this quality hypermarket portfolio, which supports the core income return of the fund.”
 
Alejandro Monge, Director - Transactions, Spain at IRE, says: "There is significant regional diversity in Spain. In general, the major cities and Northern Spain are the more affluent and dynamic regions, and it is this diversity that is important to understand, particularly in the retail sector.”
 
IRE exchanged contracts with Gonuri Harizartean as part of a sale and leaseback deal, and 100 per cent leased to the Eroski Group, one of Spain’s largest retailers and the most dominant retailer in Northern Spain. The transaction is expected to close at the end of February. The portfolio consists of 11 properties, on a 25-year lease, with a total gross letting area of circa 136,000 sq m across strong locations in the Basque Country and Navarra regions, two of Spain’s wealthiest regions.

events
2 days 23 hours from now - London
3 days 23 hours from now - London
3 days 23 hours from now - New York
4 days 16 hours from now - London
listingsdirectory
Maitland
Thu, 29/09/2016 - 21:25
Meyler Capital
Tue, 06/09/2016 - 15:57
Nasdaq
Tue, 30/08/2016 - 11:02
training
Mon, 03/10/2016   - London
Mon, 03/10/2016   - London
Tue, 04/10/2016   - London
specialreports
other gfm publications