May 10, 2006
GE Real Estate Ibera, advised by Savills, has completed the sale and leaseback of El Arbol retail portfolio for Euros 75 million (£51.3 million).
The 77,162,995 sq ft (7,168,484 sq m) portfolio, which will be leased to El Arbol on long-term contracts, comprises 44 assets including 32 supermarkets, five cash and carry units, three warehouses and a training centre, as well as three vacant units.
The properties are located throughout Spain in the regions of Asturias, Cantabria, Castille and Leon, Extremadura and Galicia.
Luis Espandas of Savills investment, says: “This type of homogenous portfolio offers a clear opportunity for GE Real Estate, together with local advisors, to work the assets retrieving maximum value.”
The El Arbol transaction is the fifth completed by GE Real Estates in Spain over the past year, and has increased its investment share in Spain by Euros 200 million in the first quarter of 2006.