METRO PROPERTIES sells parts of its real estate portfolio in Spain30 July 2018Download
"In the last years we have significantly strengthened our business with hospitality customers here in Spain. The investments we have recently made in our property portfolio by remodelling some of the older sales areas increased the attractiveness even further," says Peter Gries, CEO of MAKRO Cash & Carry Spain.
divested three assets of the Spanish portfolio comprise the newly rebuilt MAKRO store in El Polígono de las Mercedes (Barajas) close to the landmark Madrid Plenilunio shopping center, the fully redeveloped mixed-use building on Paseo Imperial into which MAKRO Spain's headquarters moved three years ago, and the MAKRO store in Alcobendas. This represents a total Gross Leasable Areas (GLA) of ca. 30,000 sqm. The sale of the real estate portfolio in Spain is part of METRO PROPERTIES' global portfolio strategy. The real estate company of METRO plays the whole life cycle of an asset. All activities strictly follow the aim of sustainably increasing the value of METRO's real estate. This includes the investment in locations, their further development and sale & lease back as long-term commitment.
Wolfgang Baumgartinger, Director Transactions of METRO PROPERTIES, adds: "Some of the real estate values are now at point in their life cycle where we can realize their value increase. The assets will be maintained as cash and carry stores whilst they are central to MAKRO's Spanish portfolio. LaSalle Investment is benefitting from both METRO PROPERTIES’ successful developments and from MAKRO Spain being a premium operator."
David Ironside, Investment Manager of Encore+ at LaSalle Investment Management: "We strongly believe in the future of these three urban locations over the next 15 to 30 years and there is long term upside potential, due to several large-scale development projects in the neighbouring areas."