The shopping center, which is the only asset of its kind in the region, has been sold to a fund managed by UBS.
Fernando Ramírez de Haro, Managing Director, Savills Investment Management in Spain and Portugal commented: “We are very pleased with this transaction and how it confirms the management strategy we have implemented since acquiring the asset. The disposal of The Outlet Stores forms part of our wider portfolio management strategy in Spain, continuing to deliver maximum returns for our clients.”
Salvador González, National Director of Retail Investment, Savills Aguirre Newman, added: “Outlet schemes with a high percentage of leisure, F&B alongside a supermarket, are very defensive products, making them interesting assets for operators and very attractive options for investors looking at the retail and leisure sector.”
Dentons advised UBS and DLA Piper acted as legal advisor.