The Pinatar Park shopping centre has been purchased by a South African investment fund. The Vukile Property Fund group have purchased the San Pedro site for 10.7 million euros.
The investment for the construction of the shopping facility amounted to about 16 million euros, with the economic losses suffered by the developer thought to be over 5 million euros.
However, the new owners note in a statement that Pinatar Park already has already achieved profitability of 7%. With 100% occupation of its premises, despite competition and uncertainty due to the economic crisis.
The Marmenorense facility, which occupies an area of 10,637 square meters, next to the N-332 road, in the area of Los Sáez, and very close to the commercial complex Dos Mares, is occupied by a number of different reference brands such as Aki (DIY), Vidal supermarkets and Burger King, as well as businesses dealing in furniture, toys, pet products and others. There is also a petrol station, a number of green areas and parking space for almost 400 cars.
Last June, the Vukile fund announced that it had acquired eleven retail parks in Spain worth 193 million euros through its Spanish subsidiary Castellana Properties Socimi, a figure that has now risen to thirteen with these latest acquisitions.
Lawrence Rapp, the Chief Executive of Vukile, said Spain was a big engine of growth for Vukile and it was finalising the acquisition of the 25 000m Alameda Park retail park and shopping centre in Granada. He added that his company also had an option to acquire an adjacent plot of land to extend the Pinatar centre.
Alfonso Brunet, head of the company in Spain, said that “we are very satisfied with the pace of transactions. These commercial centres in Spain constitute a great investment opportunity since they have survived thanks to their resilience during a number of difficult trading years. We believe that this strength comes from the profile of its tenants, who are international brands, and also because of the great demand for space.”
The commercial core created between Dos Mares and Pinatar Park has now also begun to generate competition. Thus, work is underway on a new leisure facility in the area where a 2,000-metre building is being erected for an 18 lane bowling alley.
Rapp said Vukile’s portfolio was now extremely well-positioned for long term growth, with the stable defensive South African base creating the launch pad for further international growth.