Amsterdam, 29 August 2024
Multi Corporation retains management mandate for Espacio León Shopping Centre in Spain with new owner Indotek Group.
Multi Corporation has successfully retained the statutory, leasing and property management mandate for Espacio León Shopping Center in north western Spain, with a new client Indotek Group, having assisted funds managed by Blackstone with the sale.
Multi Corporation built the 36,914 square metre scheme back in 2004 and undertook a major refurbishment in 2018 which enhanced the food court, toilet facilities, seating areas and escalators. The project also saw the implementation of a number of sustainability initiatives and these were supplemented by the addition of over 1,000 solar panels installed on the roof last year. These investments resulted in an excellent BREEAM certification score.
Strong trading performances have seen footfall rise to above 4.1million and recent lease extensions with anchor tenants including the Odeon Multicines cinema showcase the impact of Multi’s capabilities within their pan-European platform.
The new owner, Indotek Group are one of Hungary’s major investment managers and this €50m transaction will be their third retail asset in Spain.
Zsolt Kertai, Head of International Retail at the Indotek Group commented:
The resilience of Espacio León and its good results make it an ideal addition to our portfolio. This new acquisition aims to further improve the shopping experience, ensuring that it remains a major destination for consumers in the region.”
Francisco Cavaleiro de Ferreira, Managing Director of Multi Portugal and Spain added
”Multi is delighted to provide its full range of property management services to Indotek for its third shopping center acquisition in Spain. Espacio Leon was developed and built by Multi in 2004 and over the last twenty years we have refurbished and transformed the center through proactive asset and property management. By focusing on delivering an optimal tenant mix, look and feel improvements, and sustainability upgrades we have ensured we constantly delivered an elevated shopping experience.”
In this transaction, Multi advised Blackstone and worked closely with its advisors to successfully transact in a relatively short period of time.
