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CBRE Global Investors obtains Spanish shopping center for €153 million



The finalization of the acquisition of El Boulevard Shopping Center, based in Vitoria, Spain, has been concluded by CBRE Global Investors at a cost of €153m, on behalf of one of its client accounts.
The center, measuring 63526m², is situated on the upper-class northern outskirts of the city.  It is the leading center in the area and enjoys in excess of nine million annual visitors.

The center was opened during 2003 and has a strong retail tenant mix, including H&M, various Inditex brands, Forum Sports, Primark, Leroy Merlin and Media Markt.

The Portfolio Manager Separate Accounts Continental Europe of CBRE Global Investors, Jeroen de Grunt, said their client is active in the acquisition of centers across Continental Europe that are showing good performance.  El Boulevard is considered to be one of the best in Spain in terms of tenant mix, footfall levels and shopping experience.  The group is looking to obtain similar centers in the Czech Republic, Poland, Spain, Germany and Belgium over the next year, in a bid to grow the client’s retail portfolio.

This particular purchase indicates the investment opportunities that are available in the Iberian Peninsula, a region which has been under the watchful eye of investors over the past year.

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