Commerz Real sells Espai Girones in Spain

Commerz Real has sold the fully let shopping centre ‘Espai Girones’ from the portfolio of its open-ended real estate fund hausInvest to Lighthouse Properties for around 168.2 million euros. This is roughly 25 per cent more than the 2005 purchase price (about 127.8 million euros).

The property was ready for the market and we took advantage of the increased demand for shopping centres to achieve a good result for our investors.

Mario Schüttauf

hausInvest fund manager

Commerz Real cites the structural connection to the neighbouring retail park as one of the reasons for the increase in value as a basis for rising visitor numbers and thus more lettings. As a result, the centre, which is located in Girona halfway between Barcelona and Perpignan and has 105 shops and 40,000 square metres of rental space, succeeded in attracting two major anchor tenants, Primark and Auchan subsidiary Alcampo. Consequently, visitor and turnover figures as well as space productivity have returned to pre-corona levels or above.

Ambas Real Estate advised Commerz Real as part of the structured sales process.

About Commerz Real

Commerz Real is the asset manager for tangible asset investments of the Commerzbank Group and has 52 years of international experience in the market. More than 800 employees manage assets worth around 35,5 Billion Euro billion euros at the headquarters in Wiesbaden as well as at 17 other locations and branches in Germany and abroad.