Kennedy Wilson has decided to close its office in Spain, focusing its European strategy on the UK and Ireland. According to El Economista, the decision was taken last year and the fund manager will leave its Madrid headquarters, where it has operated for the past 12 years. Cristina Pérez, who heads the company in Spain, is accelerating the process of divesting the remaining assets in the country.
Among these assets is the Moraleja Green shopping centre in Madrid, which Kennedy Wilson is finalising its sale to Rivoli Asset Management. Rivoli is managing this transaction on behalf of private clients of Banco Santander, specifically through Santander Private Banking Real Estate Advisory (SPREA). The sale is expected to fetch approximately 63 million euros, with a yield of over 8%. Previously, last year, Kennedy Wilson attempted to sell this asset to Indotek, but negotiations failed due to disagreements over the price.
The Moraleja Green shopping centre, located in Alcobendas, has a surface area of 30,200 square metres and 1,300 parking spaces. Kennedy Wilson acquired this centre from the Dutch bank ING in 2015. The complex includes two buildings: the north building, which opened in 1995, and the south building, which opened in 2022. In 2019, the management company invested around €12 million to renovate and expand the retail offer with new leisure and dining options.
In addition, in December last year, Kennedy Wilson completed the sale of one of its most emblematic properties in Madrid, Puerta del Sol 9, to El Corte Inglés. This asset was acquired by the management company in 2015 for €30 million from Grupo Restaura. Kennedy Wilson also owns some logistics assets in Spain, which will now be sold from the London office.
