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Friday, May 17, 2024

CMS Spain counsels Savills IM on €60m shopping centre acquisition

CMS Albiñana & Suárez de Lezo has advised Savills Investment Management on the purchase of the "Bahía Real" shopping centre located in Camargo, Cantabria

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Savills Investment Management has acquired for one of its funds the Bahía Real retail park in Santander, for which it has paid Citygrove and Burlington around €60 million.

The facilities, which opened in December 2020, have a surface area of around 20,000 m2 and are leased to 23 tenants, including well-known operators such as the supermarket chain Mercadona, the pet products brand Tiendanimal, the sporting goods company Sports Direct, and the furniture and decoration firms Maisons du Monde and Jysk. Its leisure offer includes a Basic Fit gym, Ocine multiplex cinemas, and a selection of restaurants.

“This off-market acquisition is in line with the type of asset class we seek for our investors: mid-market parks in strong micro-locations with established tenants, stable leases, and competitive terms,” explains Fernando Ramirez de Haro, managing director for Spain and Portugal at Savills IM, on the deal.

“Compared to other asset classes, retail parks generate comparatively high annual cash-on-cash returns in the current market environment and are highly resilient, making Bahia Real an ideal addition to the fund’s portfolio,” added Gerhard Lehner, managing director and head of fund management at Savills IM in Germany.

CMS Spain team was led by partner and head of the RE practice Álvaro Otero and RE partner Javier Colino, along with RE associates Jorge Durán and Marian Moya.  

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