The El Tormes shopping centre in Santa Marta de Tormes, in the Spanish province of Salamanca, has been acquired by Santander Real Estate Retail Opportunities for less than €70 million. The seller is LaSalle Investment Management, which bought the asset from UBS in 2019.
El Tormes has more than 22,500 sqm of GLA and around 1,600 parking spaces. Its main tenants include Inditex and Mercadona.
The acquisition is the fund’s first investment since it closed its capital raising in the first half of 2026. The vehicle is managed by Santander Alternative Investments, while RetailCo, a wholly owned subsidiary of Banco Santander, acts as asset manager, responsible for identifying and executing investments, managing the assets and planning their disposal.
The fund has investment capacity of up to €300 million and is assessing further opportunities in Spain and Portugal. When it was launched in January, Santander set a target of building a portfolio of eight to ten retail assets in both markets, with a planned structure of €150 million in equity and €150 million in debt.
