International real estate investment manager Savills Investment Management (Savills IM) has acquired for one of its funds the Bahia Real shopping centre in Santander, for around €60 million, in an off-market process.
The asset has been sold by its developers, Citygrove and Burlington. According to the company, two existing investors provided additional capital for the acquisition in Santander, bringing the assets under management of the fund managed by Savills IM to around €1 billion. Following this acquisition, the fund’s portfolio consists of twenty office, retail and logistics assets in ten countries.
Savills IM was advised by RPE, CMS, Hollis and KPMG. The Bahia Real retail park, which was inaugurated in December 2020, has a total surface area of 20,000 square metres and 23 tenants, including operators such as Mercadona, Tiendanimal, Sports Direct, Maisons du Monde and Jysk.
KPMG Spain advised Savills IM with a Corporate Taxation team formed by director Carlos Velasco and senior manager Ignacio Corces.