Silicius sells two commercial assets in Getafe and San Sebastian for €24.6M

Silicius sells two commercial assets in Getafe and San Sebastian for €24.6M

Silicius Real Estate Socimi has completed the sale of two commercial assets located in the municipalities of San Sebastián (Guipúzcoa) and Getafe (Madrid), in a transaction that amounted to 24.6 million euros, which is 7.4% higher than the last RICS valuation of the properties.

The property located in San Sebastián is a commercial premises located at calle Amara, 20; it is leased to Eroski and has a gross lettable area of 1,976 square metres. In the immediate vicinity is the largest urban development in the city in recent years: the Cerro de San Bartolomé.

In turn, the medium-sized shopping centre located in Getafe is specifically located in the Nassica Shopping Park. It has a gross leasable area of 10,000 square metres and is leased in its entirety to Leroy Merlin. This asset stands out for its location 20 minutes from the centre of Madrid and with direct access to the A-4, A-42, M-45 and M-50.

Juan Diaz de Bustamante, CEO of Silicus, explained that "these operations are part of our rotation strategy if a good opportunity arises in the market". The CEO of the socimi, which specialises in long-term property management, also explained that, in both cases, "we have received an offer in line with what we expected for the properties and, taking into account both this and the current macroeconomic and financial environment in which we find ourselves".

The two operations will generate cash to invest in pending capex and some 100 million euros also for capex investment, shareholder remuneration and to reduce financial debt. They also reduce Silicus Real Estate's indebtedness by 10.7 million euros, the bank debt on the properties sold, and are part of the socimi's strategic plan, which involves divestment.

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