Indotek Acquires Shopping Centers in Spain
Image by elisa galceran garcia / Shutterstock.com
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.