Patron Capital and Eurofund Capital Partners have joined forces to acquire three shopping centres: El Mirador in Cuenca, Los Alcores in Alcalá de Guadaira near Seville and Alzamora in Alcoy (Alicante).
The two companies, who previously teamed up to acquire the Dolce Vita Odeón de Narón, a 269,000 sq ft retail and leisure asset near Ferrol last July, plan to invest approximately EUR13 million to modernise the three shopping centres and improve the visitor experience, including introducing new national and international brands and increasing the centres’ leisure and food and beverage offerings.
El Mirador is the only major shopping centre in Cuenca and one of the largest malls in the entire Castilla La Mancha region. Having opened in 2002, it includes more than 60 units with a total gross lettable area of over 177,500 sq ft. Notable tenants include H&M, Cortefiel and Carrefour.
Los Alcores is within the Parque Guadaira retail park, next to the town of Alcalá de Guadaira. It has a gross lettable area of over 133,500 sq ft, and its anchor tenants include Mercadona, Media Markt, Inditex and Pause&Play.
Alzamora is a major shopping centre in the Alcoy area, with 172,000 sq ft of gross lettable area and a wide range of retail brands such as Zara, Massimo Dutti and Springfield, as well as leisure operators including a cinema and a gym.
“Having raised EUR949 million for our fifth fund last year, we are actively looking for property-backed investment opportunities across Western Europe. We continue to find Spain particularly interesting and have invested more than EUR200 million here since mid-2015, with plans to invest a further EUR250-300 million over the coming years. These are high-quality retail and leisure assets where a significant opportunity exists to improve the shopping experience through investment and proactive asset management, working with our experienced on-the-ground partners.”
Source: PropertyFundsWorld