Spain: Acquisition of Parc Vallès
Frey confirms its international expansion strategy with the acquisition of the Parc Vallès open-air shopping centre in Barcelona.
Frey, the property investment company specialised in the development and management of open-air shopping centres, has announced its acquisition of Parc Vallès, a Spanish shopping centre, from a fund managed by Pradera, for the sum of €82.5 million.
According to Antoine Frey, Chairman and Chief Executive Officer: “This acquisition marks the resumption of our development in Europe. We are pleased to start with Spain, a country in which we developed several assets in the 2000s and in which the economic fundamentals are once again promising. Parc Vallès, in Barcelona, is a high-quality asset whose shopping and leisure positioning attracts more than 10 million visitors each year.”
Situated to the north-west of Barcelona, in Terrassa, Parc Vallès is an open-air shopping centre with a number of sound fundamentals:
- an exceptional catchment area of 690,000 inhabitants less than 15 minutes away, centred on Terrassa, the fourth largest town in Catalonia,
- an attractive and comprehensive shopping and leisure offer, over a retail area of 42,000 sqm offering visitors a number of local and international brands including Mango, Nike, Maisons du Monde, MediaMarkt, Burger King, a Mercadona supermarket and a 16-screen cinema, one of the largest in Spain, with around 900,000 admissions per year, – net annual rental income of €5.3 million, an occupancy rate of 98% and a flow of more than 10 million visitors each year.
Opened in 1998 and renovated in 2015, it has a number of points in common with the spirit and aesthetics of Frey’s Shopping Promenade. The Group plans to make further investments to continue creating value.
More information about Parc Vallès
