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German Fund Invests In Spain For The First Time

LONDON-Reflecting the continuing strength of the German open-ended property funds, the SEB ImmoInvest fund managed by SEB Immobilien-Investment has bought its first property in Spain, the 180,000-sf El Mirador shopping centre in Cuenca.

By Graham Parker | Updated on November 08, 2002

LONDON- SEB ImmoInvest, the German open-ended property fund, has moved into the Spanish property market for the first time with the €35 million ($35 million) purchase of the 180,000-sf El Mirador shopping centre in Cuenca.

The El Mirador shopping centre is being developed by Spanish developer Promodeico, and is due to open on 25 November 2002. Its catchment extends for about 100 miles around Cuenca, which is half way between Valencia and Madrid, in the Spanish region of Castilla-La Mancha.

El Mirador offers is already around 94% pre-let to retailers including Burger King, Pimkie, Benetton, Casa and Vodaphone. It is anchored by a 90,000-sf Eroski supermarket, with a cinema and restaurant area on the upper level.

Cushman & Wakefield Healey & Baker advised the fund manager SEB Immobilien-Investment.

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