Atitlan raises the bidding for shopping centres and retail spaces, which have once again attracted the attention of investors. The investment f irm led by Roberto Centeno and Aritza Rodero has bought the Equinoccio shopping centre, located in the Madrid municipality of Majadahonda, from the French giant Unibail-Rodamco-Westfield (URW). The centre was sold for €34 million.
Spanning 36,800 square metres of retail space, the shopping centre opened in 1998 and was last refurbished in 2015. With Decathlon as one of the anchor tenants, the centre has more than 40 stores and 1,500 free parking spaces.
The space has not undergone major changes since it was last refurbished, so a CapEx investment would help enhance its performance.
Located in Majadahonda, and part of the El Carralero industrial park, Equinoccio occupies a strategic spot due to its proximity to the municipality’s residential, commercial, and service hub.
With the sale of Equinoccio, URW is moving forward with its asset rotation strategy. Some of the centres it owns in Spain include La Vaguada and Parquesur in Madrid; La Maquinista, Splau and Glòries in Barcelona; Bonaire in Valencia; and Garbera in San Sebastián. However, over the past decade, it has reduced its footprint in the country through a series of divestments, for example with the sale of Albacenter to Lar España; Sevilla Factory to Inversiones Harwood; Barnasud to MRE; and Bahía Sur, El Faro and Vallsur to Castellana Properties.
Meanwhile, Atitlan is moving forward with this operation as part of its property strategy. The group, with a presence in other sectors such as agri-food, industrial and services, energy and financial investments, is investing in and managing property through Atitlan Desarrollos Inmobiliarios.
This division focuses on urban development projects, property development, and rental assets with potential to unlock further value through management. At the end of 2022, according to the latest available report, it had 428 million in rental assets in Madrid, Valencia and Seville.
For example, Atitlan is involved in the Valencian shopping and leisure complexes Aqua and Arena and in Galería Jorge Juan, a large retail space located in the city centre. The group’s properties also include the Querencia hotel in Seville, operated under the Autograph Collection brand.
In logistics, last year Atitlan joined Improving Logistic, the main logistics operator in the Valencian Community, acquiring a 50% stake.
It has also teamed up with Grupotec to invest in coliving or senior living, as well as the development of build to rent (BTR) projects, as reported this summer by Valencia Plaza.
With regard to assets, the group is focusing on value-add or opportunistic assets, which require a higher degree of management but provide higher returns. These are typically long-term investments with no lock-in constraints.
Summary, Expansión: https://www.expansion.com/inmobiliario/mercado/2024/02/08/65c3d39d468aeb2f5c8b45a8.html