British Land and PREF fund have bought Nueva Condomina regional shopping centre and retail park in Murcia, Spain for €350m (£240m) this week.
As tipped in Property Week (23.02.2007) it has bought the 1.3m sq ft (120,000 sq m) scheme, which opened last year, from Deparcom, a joint venture between Eroski and Grupo Trusam.
The deal, which will complete in the summer, pushes PREF’s European portfolio to more than €1bn (£670m) and makes it the largest owner of out-of-town retail parks in western Europe.
Tenants include all the Inditex brands, Primark, FNAC, H&M, Leroy Merlin and Media Markt. Eroski will owner-occupy the hypermarket. Valentine Beresford, British Land said: 'Prime out-of-town retail developments of this standard are becoming very rare in Spain and there is clear evidence that more international retailers are pushing into the country which will bode well for real rental growth. This scheme is well let and can be enhanced further by our asset management team. The investment delivers critical mass in the Spanish market when added to the Puerto Venecia, Zaragoza development and our other Iberian-based PREF assets.’
Cushman Wakefield advised British Land and PREF.