The transaction was closed at 127.5 million euros for an asset with a GLA of 39,250 square metres.
A new deal has hit the market. The Belgian developer Equilis has finalised the sale of the Finestrelles Shopping Centre to the listed French company Frey for 127.5 million euros.
It is the newest open-air urban shopping centre in Barcelona, consisting of a total built-up area of 99,630 square metres and a gross lettable area of 39,250 square metres. The complex opened in 2018, developed by the Belgian developer itself.
The Finestrelles Shopping Centre has over 100 shops, including Decathlon, Zara, Bershka and Media Markt. It also has a more than 4,200-m2 Al-campo, a VivaGym gym and seven restaurants. Every year, 7 million people visit the property.
Equilis was advised by Cushman & Wakefield and RPE; Frey by Perez Llorca, Arcadis and Grant Thornton.
According to the documentation provided by the seller, the estimated annual rents for 2022 reached 8.14 million euros, with an occupancy rate of 96.5%. Frey did not need to raise debt to close the acquisition.