Iroko ZEN buys 'El Osito' retail park for €26.5M

Iroko ZEN buys 'El Osito' retail park for €26.5M

Aliseda Inmobiliaria, a company specialising in asset management and real estate lending, has closed the sale of the El Osito retail park, located in L'Eliana (Valencia), to the French company Iroko ZEN. The transaction has been closed for 26.5 million euros and has been advised by JLL.

The CEO of Aliseda Inmobiliaria, Eduard Mendiluce, points out that this transaction "consolidates Aliseda as a benchmark in the commercialisation of commercial assets". He also points out that "retail parks have performed well in recent years, with good figures for footfall and sales, and investors are on the lookout for opportunities in this market segment. Top-level commercial operators are interested in having a presence in this type of asset".

A benchmark retail park in Valencia

El Osito, which is located 20 kilometres from the capital of the Turia, occupies a surface area of more than 20,300 sqm and is leased in its entirety to eight top-level operators. Aliseda Inmobiliaria added this retail park to its portfolio under management in May 2021, when the percentage of space leased to commercial brands was 80%.

Thus, in just two years, the management team has managed to maximise the value of the property, focusing on the active marketing of the available space until it is 100% leased and expanding the commercial mix of the park, which currently has major retail brands such as Leroy Merlin, Maisons du Monde, CASA, Jysk, Kiwoko and Economy Cash, among others. In addition, the company has renegotiated contractual terms with the retail operators to ensure their long-term presence in the park.

Since its inauguration in 2008, this centre has positioned itself as a benchmark retail area in the Valencian Community, which continues to expand. In fact, assets of a similar type are already being developed on adjoining plots of land owned by Aliseda Inmobiliaria, in addition to the development of residential developments in the area.

The sale of this retail park is part of Aliseda Inmobiliaria's strategy of divesting assets in its Tertiary portfolio.

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