Europa Capital has acquired the retail gallery of the Gran Via shopping centre in Alicante, Spain with local partner LyC Consultores for €53 million.
Gran Vía is an urban centre that boasts Alicante’s only Primark and was refurbished comprehensively in 2012. Its urban location means that some 40% of visitors arrive by foot and it is popular with local residents and tourists alike.
The centre comprises 37,300 m2 of GLA providing the retail gallery of 20,300 m2 GLA and an owner occupied Carrefour hypermarket. The retail gallery provides 80 retail units and is anchored by H&M, Primark and Lefties.
Jason Oram, Head of Southern Europe at Europa Capital, stated:
“We are delighted to invest in Gran Vía, which is a well-established retail asset where we can see the opportunity to enhance performance at a time when the city of Alicante continues to reflect the improved economic environment in Spain and its growth as a leading global tourist destination”.
The acquisition marks Europa Capital’s third investment in the Spanish real estate market so far this year.
Savills advised Europa Capital on the acquisition.
For further information, please contact:
Gordon Simpson/ Elizabeth King, Finsbury: +44 20 7251 3801
About Europa Capital:
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital has collectively raised 9 real estate funds and committed to over 124 transactions totalling more than €10.4 billion across 19 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Europa Capital is a member of the Rockefeller Group, a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
Further information can be found at www.europacapital.com