The company, a leading independent pan-European real estate investment manager, has completed the sale of three retail assets in Barcelona, Caceres and Bilbao for a combined sum of approximately €140M.
The portfolio has been acquired from ActivumSG-advised Iberia Fund I by an undisclosed buyer. The portfolio comprises three shopping centres that were acquired in separate transactions by ActivumSG before Covid-19.
The three centres are SOM Multeispai (‘SOM’), a 388,000sq ft GLA shopping centre in Barcelona, the Centro Commercial Ruta de la Plata (‘Ruta’), a 191,000sq ft GLA shopping centre in Caceres and the Centro Commercial Zubiarte (‘Zubiarte’) a 240,000sq ft GLA shopping centre in Bilbao.
Saul Goldstein, CEO and Founder, ActivumSG, said: “This is what we love doing at ActivumSG as part of our direct real estate strategy. Using our vertically integrated capabilities and full lifecycle expertise, we turnaround underutilised, high potential assets to create an end-product suitable for core buyers. Our local Spanish team deserves massive recognition, both in terms of its ability to identify the potential of these shopping centres and its ability to execute an extensive cap-ex program to unlock their potential from an asset management perspective.”