The majority of commercial real estate investment in Iberia during the year’s first 3 months, - around 57% - was concentrated on single asset operations, which confirms the trend already seen last year during the same period.
Of all commercial real estate transactions, 66 were single assets and most were concluded in Spain – 52 operations, surpassing 2.1 billion euro. The largest operation of this type was the purchase of intu Asturias by ECE European Prime Shopping Centre Fund II for 290 million euro. Another relevant operation was the sale of Hotel Edition Madrid for 220 million euro by Archer Hotel Capital, owned by APG and fund GIC.
Despite these types of operations also representing the majority in Portugal –14 deals out of a total 19 –, the volume of investment is lower (337 million euro) when compared to the investment in portfolios, which represent a total of nearly 900 million euro. The trading of high-value portfolios explains this amount. One example is the sale of a 6 shopping centre portfolio from Sonae Sierra to Allianz and Elo. The sale of the Grupo Bernardino Gomes portfolio, which includes the Real hotels, for 300 million euro is another particularly relevant transaction within the Portuguese market.
In Spain, the 18 deals involving portfolios represent in total 934 million euro. The logistic portfolio acquired by German Patrizia for 213 million euro was the largest one.
Commercial investment in Iberia almost doubled yoy. Whereas the number of portfolio transactions remained the same (23 deals both in the first quarter of 2019 and the first quarter of 2020), the number of single asset operations went from 44 to 66.
Disclaimer: This information is based on public data gathered within the platform Iberian Property Data. All estimates were calculated based on registered public information and data from main consultants within the market.