Invesco Real Estate has purchased 11 hypermarkets in Northern Spain, inspired by Spain’s recovering economy.
The acquisitions in the Basque Country and Navarra regions represent Invesco’s third Spanish acquisition since 2009 for its open-ended pan-European Invesco Real Estate Fund.
Invesco purchased 25-year leases for the hypermarkets from Spanish real estate developer Gonuri Harizartean, and will lease the properties to Eroski Group, one of Spain’s largest retailers. The transaction is expected to be completed at the end of February.
In total, the properties represent a gross letting area of around 36,000 square metres. The Basque Country and Navarra are two of Spain’s wealthiest regions.
Last week, Cushman & Wakefield research indicated global commercial property investors are looking beyond the UK to other parts of Europe. The UK’s share of non-European real estate investment has slipped from 53% in 2013 to 44% in 2015.
Overall, European commercial real estate investment from all sources totaled €264 billion last year, a greater sum than in any previous year. The previous peak was €230 billion in 2007.
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