Pan-European real estate private equity firm ActivumSG has sold three shopping centres in Barcelona, Caceres and Bilbao for a total of €140 million.
The portfolio was acquired from ActivumSG-advised Iberia Fund I by an undisclosed buyer.
The three shopping centres were acquired in separate transactions by ActivumSG before Covid-19. They comprise the SOM Multeispai, a 388,000 square feet (36,000 square metres) GLA shopping centre in Barcelona; the Centro Commercial Ruta de la Plata, a 191,000 square feet GLA shopping centre in Caceres; and the Centro Commercial Zubiarte, a 240,000 square feet GLA shopping centre in Bilbao.
At acquisition, the three assets were each characterised by undermanagement, high vacancy rates and declining net operating income, even prior to the onset of the pandemic-related restrictions in 2020.
Source: propertyeu.info on the 28th of May, 2024
https://propertyeu.info/Nieuws/ActivumSG-divests-three-shopping-centres-in-Spain-for-140m/7cd16e2b-1a51-404a-a5cf-836c08de9321