Outlet Tower in Zaragoza up for sale with a starting price of €130M

Outlet Tower in Zaragoza up for sale with a starting price of €130M

According to Cinco Días, the family's commercial holding company and owner of the centre, Iberebro, has hired the consultancy firms Knight Frank and JLL to sound out the market in search of potential buyers.

The shopping complex has a total of 61,500 square metres, of which 13,500 square metres are destined for the fashion outlet area, 15,000 square metres for restaurants and leisure, and 33,000 square metres for medium-sized retail outlets. At the moment, and according to the centre itself, there are more than 60 fashion brands installed, a dozen restaurants and six entertainment offers. The shopping centre already has a consolidated offer and installed brands. The initial target was 3.5 million visitors per year.

The objective, according to the Aragonese press, is to cash in around 130 million euros for the management of the centre, which would represent a capital gain of 30% over the investment made by Iberebro when it opened.

The Outlet Tower was promoted by the Grupo Patrimonial Actur, dedicated to the management of commercial real estate assets. In the development, they collaborated with ROS Retail Outlets Shopping, specialised in retail real estate consultancy and outlets management.

The sale of the Zaragoza complex aims to take advantage of what seems to be a good moment for this type of asset. "It is a good moment for the retail segment, which is finally taking off, positioning itself as the leading real estate segment in Spain. Although this dynamism is influenced by the economic context, we expect a progressive continuation of the increase in inflows and sales," stated Miriam Goicoechea, Director of Research at CBRE Spain.

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