The British real estate Intu Properties acquired the complex Puerto Venecia, Zaragoza, the fund Orion Capital.
The lively year of transactions in the Spanish real estate sector closed with a multimillion-dollar transaction in the segment of shopping centers, with the acquisition of Puerto Venecia by Intu Properties , company last year also took Principality Park in Asturias.
Intu has signed an agreement to pay 451 million euros ($ 550 million) to fund Orion Capital , current owner of Zaragoza complex. The transaction could be completed by January 2015.
The bank HSBC has granted a loan of 225 million euros to Intu Properties to finance part of the acquisition. The company will consider next the sale of a stake in the center to a financial investor year.
Rental income in Puerto Venecia, center 200,000 square meters where brands such as El Corte Inglés and Ikea are located amounted to 22.4 million euros. The value of the purchase involves an annual return of 5%.
Orion Capital owned 50% of Puerto Venecia from the promotion and implementation in 2008. Two years ago, acquired the remaining 50% to British Land for 144.5 million euros.
Intu Properties, which has a network of shopping centers in the UK, wants to create a similar model in Spain. Last year it spent 162 million, with a Canadian fund, Principality Park in Asturias.
It also has options to develop new centers in Malaga, Palma de Mallorca, Valencia and Vigo. The project involves an investment Málaga 250 million. In the future, Intu bag could be placed in their Spanish properties.
David Fischel, Intu CEO, said in an interview with Expansion last year that believes this is a good time to enter Spain by falling real estate prices and the possibility of exploiting the potential economic recovery.
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