Investment firm Ares Management Corporation has purchased the Pinatar Park shopping centre in San Pedro del Pinatar from Castellana Properties, taking over as owner and manager.
This sale is part of Castellana Properties’ full divestment of its retail park portfolio in Spain to SPV 2025, a company owned by Ares, for a total of €279 million. The deal is expected to be completed on 1 April.
The portfolio includes nine retail parks with a combined gross leasable area of 174,305 square metres. The properties being sold are:
- Parque Principado (Oviedo)
- Parque Granaita and Parque Motril (Granada)
- Parque Oeste (Madrid)
- Parque La Heredad and Parque La Serena (Badajoz)
- Ciudad del Transporte (Castellón)
- Marismas del Polvorín (Huelva)
- Pinatar Park (Murcia)
According to Castellana Properties, the funds from the sale, together with the company’s existing cash, will be used for value-add investment projects, many of which are already well advanced.
The company also confirmed that the sale represents a 7.1% return on the purchase price of the assets.
