Property fund manager Rockspring has bought Tres Caminos retail park in Puerto Real, Cádiz in Spain for over €20 million (£16.4 million).

The 30,347 sq ft retail park is let to tenants including Media Markt, Lidl, Kiabi and Merkal.

It neighbours a warehouse occupied by homeware retailer, Leroy Merlin.

Luis Espadas, head of retail investment department at Savills Madrid, said: ‘Rockspring has acquired the asset via a forward funding structure which was agreed in 2006.

‘This structure was commonly used in 2004-2006 due to the lack of product and high prices. Nowadays purchasers are focused on existing mature product with a proven track record, at opportunistic prices.

'Savills advised Rockspring.