Redevco has acquired WAY Retail Park in Dos Hermanas, Seville, on behalf of its Redevco European Retail Parks (RERP) fund. The deal expands the fund's presence in Spain and adds a busy retail park in one of the strategy's most dynamic target markets.
The park opened in 2020. It has around 50,000 sqm of gross leasable area and a diversified mix of national and international tenants, including Leroy Merlin, Lefties, Decathlon and Kiabi. The scheme was developed on a freehold basis. It has become a leading retail destination for the fast-growing Dos Hermanas catchment and for the wider Seville metropolitan area.
WAY Retail Park is around 20 minutes from Seville city centre, with direct access to the A-4 and N-4 motorways. Its primary catchment has about 135,000 residents. Both footfall and tenant sales have grown significantly in recent years.
The asset holds a BREEAM In-Use Excellent certification. Redevco plans targeted sustainability measures there, including more on-site solar photovoltaic capacity, to improve the park's environmental performance and long-term competitiveness.
"WAY Retail Park fits perfectly with the investment strategy of the Redevco European Retail Parks fund. The asset combines a leading position in a growing catchment, a top-tier tenant line-up and strong sustainability credentials. We see further opportunities to create value through active management of the park, while we continue to strengthen its long-term stability and improve its sustainability performance", said Israel Casanova, Investment Director at Redevco.
