The On Plaza retail park near Madrid, which was built in 2019, has been acquired from a private investor and offers 10,580 sqm of rental space with eight rental units split across the main building, a restaurant and a separate supermarket with its parking deck. There is a total of 312 parking spaces. The property is fully let and the main tenants are supermarket chain Mercadona, DIY store Leroy Merlin, fitness studio McFit and non-food retailer Tedi. The property is located in Torrejón, around 26 kilometres (a 30-minute journey) north-east of Madrid city centre.
On this acquisition, Union Investment was advised by Savills and Hogan Lovells.
This was not the only operation carried out by fund UII EuropeanM since it has also purchased a 9,409-commercial building in Brussels. The value of this transaction was not disclosed.
UII EuropeanM invests primarily in the four commercial use types of office, hotel, logistics and retail, focusing on midscale properties in European real estate markets. Midscale properties are mainly characterised by prices in the double-digit million range, functional and timeless architecture, and moderate rent levels with sustainable cash flow.
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