Lighthouse Spanish Properties has bought the Centro Comercial H2O shopping center in Madrid, Spain in a share purchase and sale deal.
The purchase price of the shopping center in Rivas-Vaciamadrid is €121 million, which also includes deferred capital expenditure of €10 million.
Centro Comercial H2O was owned by CBRE Investment Management (70%) and Alpha Real Trust Limited (30%).
The seller owns three special purpose vehicles (SPVs), that hold full title to the H2O shopping center, the surrounding concession area and also a nearby vacant plot of land. The seller will sell the entire issued share capital of the SPVs to the purchaser.
H2O shopping center has 113 stores
H2O has 113 stores with a strong leisure, food and beverage offering. Tenants include Primark (scheduled to open in 2H2024), Nike, JD Sports, Mercadona and the Inditex brands (Zara, Bershka, Pull & Bear, and also Stradivarius). Its annual footfall is 8.2 million.
Rivas-Vaciamadrid forms part of the greater Madrid metropolitan area. It first opened in 2007 and is the dominant mall in Rivas.
Rivas has a rapidly growing population of over 100,000. It has good road and also public transport access, including three metro stations.
The acquisition is in accordance with Lighthouse Properties’ investment strategy to invest in dominant and defensive shopping centres in growing regions with a strong economic underpin.
Following the company’s recent acquisition of Salera in Castellón, Spain, this acquisition will increase its presence in Iberia, making up 66% of the value of Lighthouse’s directly-held properties.
Alpha Real Joint Fund Manager Gordon Smith says, “Since its acquisition by the company, H2O has undergone a significant operational and commercial enhancement. The company’s targeted capital expenditure has focussed on projects capable of delivering an identifiable return on investment, delivering an enlarged leasable area and upgraded tenant mix. The sale of H2O represents an opportunity for the Company to recycle capital into its broader investment strategy.”
The image is from Wikimedia and is reproduced under CreativeCommons.
