Indotek Acquires Shopping Centers in Spain

Deals

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Budapest-based property company Indotek Group announced the acquisition of two shopping centers in Spain on Thursday, according to a report by state news wire MTI.

Indotek acquired the 80-shop, 32,000 sqm Vilamarina shopping center in Barcelona and the 60-storefront, 11,000 sqm Factory Bonaire in Valencia. Indotek noted that another 7,000 sqm could be added to Factory Bonaire.

Federico Hens, Indotek's country manager for Spain, said the shopping centers would benefit from the group's experience renovating and repositioning outmoded commercial property.

Spanish daily El Pais learned that Indotek bought the shopping centers from Merlin Properties Socimi for EUR 22 million.

Indotek's Spanish portfolio includes a number of supermarkets, a retail park, and six hotels with a combined 1,300 rooms on the coast.

The group has around 350 properties with a gross leasable area of over 2.5 million sqm in 12 countries in Europe. Assets managed by the group exceed EUR 1.5 bln.

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