CBRE Sells Shopping Centre in Logroño, Spain
23rd January 2018
CBRE Global Investors has successfully completed the sale of Berceo Shopping Centre in . The sale, to one of the funds managed by Barings, forms part of a limited disposal programme of assets that have been optimised out of the CBRE Retail Property Fund Iberica (RPFI). Berceo Shopping Centre was acquired in 2004 and has performed strongly since acquisition.
The shopping centre is let to 98 tenants including Primark, H&M, Media Markt and a newly refreshed flagship store by Zara. The centre is anchored by a Carrefour hypermarket which has recently opened for trading with very strong results.
Antonio Simontalero, Portfolio Manager RPFI, CBRE Global Investors, said: “The investment market in Spain has consolidated further over the past years and attracts strong interest from international and national players, as we witnessed during the initial bidding round. Investors are attracted by the recovery and strength of the Spanish retail fundamentals. Our strategy is to focus the RPFI portfolio on its core assets and benefit from current market momentum.”