SCHIPHOL, 30 September 2014 – CBRE Global Investors has completed the acquisition of El Boulevard Shopping Centre in Vitoria, Spain. The superregional dominant shopping centre has been purchased for €153 million. The asset has been acquired on behalf of one of its separate account clients.
The 63,526 sqm shopping centre is located in the affluent northern outskirts of Vitoria, and is the region’s leading shopping centre with more than nine million visitors annually. The centre opened in 2003 and contains a strong tenant mix with 146 retail units, including mid-sized units Media Markt, Leroy Merlin, Primark, Forum Sports, different Inditex brands and H&M.
Jeroen de Grunt, Portfolio Manager Separate Accounts Continental Europe, CBRE Global Investors, said:
“Our client is actively acquiring well-performing shopping centers across Continental Europe and El Boulevard is widely considered in Spain as being one of the best in terms of tenant mix, shopping experience and levels of footfall. We are looking to acquire shopping centres of equal quality in Belgium, Germany, Spain, Poland and the Czech Republic over the next twelve months, in order to further enlarge our client’s retail portfolio.
This purchase also shows that there are interesting and well-performing shopping centre investment opportunities in the Iberian peninsula, an area that has seen increased attention from the investment market over the last twelve months.”
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $92.8 billion in assets under management* as of June 30, 2014. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.