UBS sells Spanish shopping center to Schroders
UBS Asset Management has sold the Metromar shopping center in Seville to Schroder Real Estate for €52.5 million.
Schroders acquired the property for Zurich Investment Foundation's Real Estate Europe Direct (IED) fund. The investment is a 50:50 joint venture with Schroder European Real Estate Investment Trust (SERE). Both IED and SERE are managed by Schroder Real Estate Investment Management.
The 23,500 sqm Metromar shopping center in Seville is leased to 50 retailers, including Zara, Mango, Sierra, H&M and Cortefiel. The anchor tenant is a 2,300 sqm Mercadona supermarket. The center also includes numerous restaurants and a twelve-screen cinema. According to Schroders, the center attracts four million visitors a year, around half of whom are walk-in shoppers. The Metromar Shopping Center is located near the Ciudad Expo metro station, in the middle of the Mairena del Aljarafe residential area in Seville.
According to Schroders, the property is 90 percent leased and generates annual rental income of four million euros. The purchase price of 52.5 million euros corresponds to an initial yield of 6.2 percent.
Cushman & Wakefield advised UBS Asset Management on the sale of the property.
