The French fund Frey has bought the Finestrelles shopping centre, located in Esplugues de Llobregat (Barcelona), from Equilis. The operation has been closed for 127.5 million euros, although the figure could be adjusted later depending on the performance of the asset, according to Expansión. This operation, advised by Cushman & Wakefield and RPE, confirms the reactivation of investor interest in retail.
The price adjustment is subject to the evolution of the rents in 2023 and 2024. The entity in charge of calculating the variation is Equilies, while Frey will benefit from a rental guarantee for an annual amount of 7.9 millions. The global amount of the operation will be framed in a range between 123 million and 155 million euros.
Finestrelles has a total constructed area of 99,630 square meters and a total gross leasable area of 39,250 square meters. It has a hundred distribution chain stores such as Decathlon, Zara, Bershka or Media Markt, among others. Likewise, it has an AliExpress Plaza store, an Alcampo hypermarket of more than 4,200 square meters and a VivaGym gym. The upper floor houses seven chain restaurants such as Udon, Casa Carmen or La Tagliatella in its 1,200 square meters.
Frey estimates that the shopping center, which has an occupancy rate of 96.5%, will generate net annual rental income for this year of 8.14 million, including parking. Visitor estimates suggest that it receives seven million people a year.