Gestor, a Hungarian private real estate investment and asset management company has acquired the Portal Mediterraneo retail park in Spain from Mitiska REIM. Savills acted as an intermediary in the successful transaction.
The acquisition of Portal Mediterraneo, located in Vinaros, between Barcelona and Valencia, is of strategic importance for the expansion of Gestor Real Estate's real estate portfolio in Iberia. The retail park, which was originally acquired by the seller, Mitiska REIM, in 2016 as part of its investment fund 'First Retail International 2', has since undergone a comprehensive renovation, including the modernisation of the facade elements and tenant-specific modifications, significantly improving the energy efficiency of the retail park.
Gestor, based in Hungary, is a privately owned real estate investment and asset management company with a significant portfolio of leasehold properties in Hungary, Spain and Portugal.
Gestor is not the first Hungarian real estate investor to go shopping in Spain, Indotek Group has acquired several retail assets in the country during the past years.
András Gerő, Managing Partner of Gestor Real Estate, commented on the transaction, "Portal Mediterraneo is a commercial park with an excellent international tenant mix and location on the east coast of Spain, and fits perfectly with our ambition to further increase our commercial portfolio in the Iberian Peninsula. Our portfolio in Spain includes the Mazarrón Retail Park, also over 11,000 sqm, as well as a number of stand-alone retail spaces let to tenants such as Aldi, Dia, Mercadona and Eroski. These properties are all in prime locations, providing predictable, sustainable returns for our investors."
Jan Du Bois, Managing Director of Mitiska REIM for Belgium, Spain and Portugal, said, "This transaction is further proof of the strong market demand for high-quality commercial real estate across Europe. While we are actively raising funds and investing capital in our latest property fund, MEREP 3, we continue to see a wide variety of investment and development opportunities in the commercial and logistics property market."
Anna Panosa, Mitiska REIM's Investment Manager for Spain and Portugal, added: "Following the acquisition of Portal Mediterraneo, we have made a significant value-added investment in the property in order to reposition the image of the property, refreshing the attractiveness of the area for tenants. Thanks to proactive property management, the energy efficiency upgrades were accompanied by a renewal of the tenant base, which has since provided a wide range of shopping opportunities for residents and visitors to the area."
Hogan Lovells acted as legal advisor to the seller, while Araoz & Rueda advised Gestor Real Estate on the transaction.
