Sareb has sold its stake in Parque Corredor, the shopping centre located in Torrejón de Ardoz (Madrid) to Redevco Iberian Ventures, the joint venture between real estate funds managed by global alternative asset manager Ares Management, L.P. (NYSE:ARES) and pan-European retail real estate investment management company Redevco. The sale comprised a transaction in which Redevco Iberian Ventures purchased 70% of the gross lettable area (GLA) of the complex from various owners, for close to €140 million.
Sareb held a 40% stake in Parque Corredor, the leading retail destination to the east of Madrid, on the Corredor del Henares. The 123,000 sqm complex features more than 180 stores and each year receives more than 10.5 million visitors, drawn by a retail offering comprising an Auchan supermarket, numerous fashion retailers and dining and leisure options.
With the sale of its stake, Sareb has now completed a highly complex deal given the fragmented ownership of the centre. Sareb was advised on the transaction by the legal firm Clifford Chance and by Knight Frank, as real estate advisor.