Calle Fuencarral, Madrid | Photo: Google Maps
That was the amount estimated for the whole of Vastned’s portfolio in Spain during the first semester (98 million is actually the exact amount). The portfolio is constituted by 9 high street retail spaces, spread across Madrid (Calle Serrano, José Ortega y Gasset, Calle del Carmen and Calle Fuencarral numbers 23,25,27,37), Malaga (number 9 Plaza de la Constituición) and León (Avenida Ordoño II). This portfolio has a total 3.300 sqm GLA and is currently 100% occupied, having represented a net rental income of 1.288 million euro up until June.
This information was reported by newspaper El Economista after consulting several market sources. If this operation moves forward, the Dutch fund will sell all its assets in Spain. But this operation may not mean the company will leave the country. It should be recalled that in 2014 Vastned sold its 8 supermarket portfolio for 160 million euro and invested once more on the Spanish market, but this time, on high street retail.
Vastned’s portfolio in Spain currently represents 6% of its whole portfolio, which is estimated at 1.533 billion euro. This Dutch fund focused on high street retail, concentrates most of its operation in Holland (44% of the whole portfolio with 665 million euro), followed by France with 414 million euro (27%) and Belgium with 356 million euro (23%).
With an occupancy rate of 97.4%, Vastned had a 32.899 million euro Gross Rental Income and a 27.590 million euro Net Rental Income during the first semester.