Doughty Hanson & Co Real Estate, the property arm of European private equity firm Doughty Hanson, has bought two shopping centres in Spain for €120 million.
The company said it had acquired Plaza Eboli and El Rosal in different parts of Spain from Portugal-based mall specialist, Sonae Sierra.
Plaza Eboli is a neighbourhood shopping centre in Pinto, one of the main towns in the southern Madrid metropolitan area. It was completed in 2005 and occupies a commercial area of more than 31,000 square metres. El Rosal is a regional shopping centre in Ponferrada, a town in the western province of Leon in north-west Spain. It was completed in 2007 and is larger than Plaza Eboli at over 50,000 square metres.
Juan Barba, the Madrid-based principal who led the acquisitions for Doughty Hanson, said in a statement: “Despite the challenges that the Spanish economy faces, we are impressed with the location and quality of both of these assets.”
Julian Gabriel, head of Doughty Hanson & Co Real Estate, added prior to these latest acquisitions in Spain, the firm had invested in 10 shopping centres in Europe since it was established in 1999.
Sonae Sierra was established in 1989 and is owned 50;50 by Sonae, SGPS (Portugal) and Grosvenor, the UK property company.
For an interview with Doughty Hanson’s Gabriel, see this month’s issue of PERE magazine.