Savills IM acquires a retail park in Santander for €60M

Savills IM acquires a retail park in Santander for €60M

Savills Investment Management has acquired the Bahía Real retail park in Santander for one of its funds, for which it has paid Citygrove and Burlington close to 60 million euros.

The facilities, inaugurated in December 2020, have a surface area of ​​around 20,000 sqm and are leased to 23 tenants, including well-known operators, such as the Mercadona supermarket chain, the Tiendanimal brand of pet products, and the Sports Direct, and the furniture and decoration firms Maisons du Monde and Jysk. Its leisure offer is made up of a Basic Fit gym, the Ocine multiplex cinema, and a selection of restaurants.

Due to its location next to the Valle Real shopping center, the retail park also benefits from an important range of fashion brands, a hypermarket operated by Carrefour and a DIY store, complementing each other and increasing the attractiveness for consumers. regional.

The complex also has a large parking space for vehicles, bicycles, motorcycles and electric vehicles, with built-in charging points. And photovoltaic systems have been installed to produce electricity for self-consumption by tenants.

The area of ​​influence of Bahía Real exceeds 500,000 inhabitants.

"This acquisition, carried out outside the market, fits the type of asset we are looking for for our investors: retail parks located in powerful micro-locations and with recognized tenants, stable leases and competitive conditions", explains Fernando Ramírez de Haro, general director for Spain and Portugal of Savills IM, about this operation.

"Compared to other asset classes, retail parks generate comparatively high annual cash-on-cash returns in the current market environment and are highly resilient, making Bahía Real an ideal addition to the fund's portfolio," adds Gerhard Lehner, Managing Director and Head of Fund Management at Savills IM in Germany.

In the operation, which has been advised by RPE, CMS, Hollis and KPMG, two existing investors have contributed the additional capital to buy the commercial complex, they have indicated from the manager.

Following this acquisition, the fund's portfolio, made up of 20 assets in ten countries, diversified into the office, retail and logistics segments, now amounts to around 1,000 million euros.

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