MIPIM 2016: Invesco has paid €358m (£281m) for a portfolio of Spanish retail assets operated by Eroski.
The 11-asset portfolio comprises shopping centres and large supermarkets in the Basque and Navarre regions.
It was sold by a joint venture 50% owned by Topland, 45% by the operator Grupo Eroski and 5% by a private investor.
The centres were bought as part of a 15-asset portfolio in 2008 for €361m as part of a sale and leaseback deal and Topland will be selling its remaining interests separately in due course.
Spain suffered a severe recession as a result of the financial crisis but over the past two years has become back in favour with investors. Pricing for prime Spanish assets is as keen as almost anywhere in Europe.
Cushman & Wakefield and BBVA advised on the sale.
• To send feedback e-mail david.hatcher@estatesgazette.com or tweet @hatcherdavid or @estatesgazette
