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Investment in shopping centers in Spain amounted to €1.000M

The investment in Spanish shopping centers in Q1 this year reached €1.000M, according to Aguirre Newman.

This happens after reaching the record of €3,500M last year, 59.1% above the figures from 2015. Shopping center segment was the second most dynamic of the market this year, after offices, according to the Estudio de Mercado Centros Comerciales 2016/2017 publis

The investment in Spanish shopping centers in Q1 this year reached €1.000M, according to Aguirre Newman.

This happens after reaching the record of €3,500M last year, 59.1% above the figures from 2015. Shopping center segment was the second most dynamic of the market this year, after offices, according to the Estudio de Mercado Centros Comerciales 2016/2017 published by the consultant.

Institutional investment funds were the most active, with 52% of the total volume, followed by SOCIMIs, with more than 38%.  The remaining activity was undertaken by real estate companies and private investors.

In total, there were 35 transactions, 7 of which involved portfolios. The main transaction involving a single asset took place in Barcelona, with Deutsche Bank’s purchase of the shopping and entertainment center Diagonal Mar, for just over €490 million.  Also, the purchase of Metrovacesa by Merlin Properties had a significant impact on the shopping center segment, accounting 28% of the total amount.

In 2016 there was a slight containment of initial yield rates due to the positive macroeconomic environment and the perception of a potential return to an upswing in rents”, according to the consultant.  In the case of Prime shopping centers, transactions closed in a punctual manner, below 4%, a record low for yields in this market.