The investment fund manager Abrdn, which currently has €448.8 billion in assets under management, has acquired a portfolio of two retail parks from the Dutch developer Ten Brinke. The transaction has been valued at more than €40 million.
Both assets are located in the Madrid region, one of them in the Mirasierra neighbourhood (Mirasierra Gallery), which opened in March 2022, and the other in Algete (Puerta de Algete), which has been active since 2018. Both retail parks are 100% leased, with a commercial offer made up of prime operators, both national and international.
Mirasierra Gallery is a pioneering concept in Spain as it is the first to merge retail and health, thanks to Clínica CEMTRO, one of the most representative hospitals in Spain. For its part, Puerta de Algete is, today, a benchmark proximity retail park in the north-east of Madrid.
After the good experience with this type of assets, Ten Brinke has continued to create projects in other areas of Spain, following this same line of development (synergy between the commercial and the private health sector) and will soon carry out a new competitive process for the sale of a portfolio with this type of assets.
According to Jörg Tiggemann, CEO Ten Brinke Spain & Portugal, "This transaction with abrdn shows the attractiveness of the Spanish market for international investors and is recognition of the success of our retail business model, and lays the foundations for further growth in Spain and Portugal, hand in hand with large international operators who trust in our strength and experience".
This transaction brings abrdn's portfolio in Iberia to around €960 million. The asset manager currently has 32 assets in Spain and Portugal and is present in the logistics, residential, office, retail and hotel sectors.
Pilar Valencia, Head of Asset Management and Transactions, Spain and Portugal at abrdn commented: "This acquisition offers great added value and resilience to our portfolio and allows us to further consolidate our presence and continue to grow in the Iberian market. As in all our transactions, we have conducted a rigorous financial and ESG analysis process in order to continue to offer our investors attractive investment opportunities.
Abrdn has been advised by Perez-Llorca legal, KPMG tax and Savills technical and commercial.