Albacete///Spain – French SCPI manager Sofidy, part of Tikehau Capital Group, has purchased the Imaginalia retail and leisure complex in Albacete from PineBridge Investments Benson Elliot, a MetLife Investment Management-owned European real estate private equity firm.
The acquisition was made on behalf of three Sofidy vehicles, Immorente, Sofidy Europe Invest, and Sofidynamic. The asset spans approximately 44,318 sqm of retail and leisure space and has operated as the city’s primary shopping destination since opening in 2006, anchored by a food operator as its main tenant.
PineBridge Benson Elliot originally acquired the asset in 2014 from AXA Real Estate, implementing an active asset management program in partnership with Estabona Asset Management over the course of its hold period.
The transaction values the asset at €52 million, reflecting an immediate net yield of over 7.8%. No further financial terms were disclosed.
(dp)
