CdM| The Hungarian real estate fund Indotek Group has acquired two shopping centres, one located in Valencia and the other in Barcelona, from Merlin Properties Socimi, without disclosing the amount of the transaction.
In a statement, the fund has detailed that, with this transaction, it seeks to consolidate its presence in the country and substantially increase the surface area of its commercial assets in the Iberian Peninsula, where it already had several supermarkets, a medium-sized retail park and six hotels in various locations on the Mediterranean coast.
The shopping centres acquired are, specifically, the Factory Bonaire in Aldaia (Valencia), which has 60 shops with a total retail area of approximately 11,000 square metres, but has the potential to open an additional 7,000 square metres, and the Vilamarina Shopping Centre in Viladecans (Barcelona), with approximately 80 shops and a retail area of more than 32,000 square metres.
Krisztián Hornok, Director of International Transactions and Asset Management of the Indotek Group, said that the company is seeking to strengthen its presence in the Spanish retail sector as part of a “strategic move” to invest in high-potential assets.
Indotek Group’s director for Spain, Federico Hens, said that the acquired properties will benefit from the company’s successful model of repositioning and renovating outdated retail assets.