Rockspring has sold a portfolio of Spanish retail assets for €110.7m to Grupo Lar, a Spanish real estate investment trust (REIT).
The investment manager said it sold 22 Eroski supermarkets on behalf of a separate account mandate.
The portfolio includes a 70% stake in Parque Comercial Abadia, a retail park outside Toledo.
Rockspring said it bought the assets in 2011 when there was lack of international investor activity in the Spanish market.
“Over the period since we acquired these properties, the Spanish real estate market has benefitted from an improving economic backdrop and increased investment, which combined with successfully implemented asset management initiatives, has driven capital values and in turn, the excellent performance achieved with these investments.”
The 54,100 sqm Parque Comercial Abadia is let to tenants including Decathlon, Media Markt and Alcampo.
The supermarkets are let entirely to Eroski, with a 14-year minimum lease term.
Source: I&PE Real Estate