AXA and Sonae Sierra ready to become new owners of Area Sur shopping centre

AXA and Sonae Sierra ready to become new owners of Area Sur shopping centre

According to information via the portal Spanish Real Estate, the companies are finalising negotiations with the German investment fund Union, present owner of the centre, to acquire the centre for which t s asking an approximate price of 110 million euros.

The process is being accompanied by the consultants Cushman & Wakefield, and it is assumed that Sonae Sierra will undertake the management of the centre after the purchase.

Inaugurated in November 2007, Area Sur has a Gross lettable Area (GLA) 47,607 m² and 2,300 parking spaces. In receipt of about 6.6 million visitors over the years, an average annual growth rate of 5% since inauguration, the shopping centre has recorded gross receipts of 7.8 million euros in 2017.

After the record year for the sector that was 2016, this deal is one more example of the strong interest from international investors for this class of assets in Spain, which seems also to be true of 2017. It can be recalled that the most recent results published by various consultants who monitor this market mention a sum of more than 1,ooo million euros in the purchase of shopping centres in Spain just in the first quarter of this year, half of which correspond to just one operation: the purchase of Xanadú, for about 530 million euros.


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