In the purchase and sale agreement, the parties agreed not to disclose the sale price for confidentiality reasons. According to Fernando Oliveira, CEO of Sonae Sierra, “this sale is part of Sonae Sierra’s capital recycling strategy based on the sale of mature assets in order to be able to reinvest in new projects or shopping centers in operation with a greater potential for growth.”
As explained by José Antonio Martín-Borregón, Managing Director of CBRE Global Investors España y Portugal, “this operation is an example of the asset rotation strategy that we are carrying out at CBRE Global Investors, a company that has been investing in Spain since 2000 and that currently manages a portfolio of €1.8 billion in assets. CBRE Global Investors continues to seek new investment opportunities in what it considers to be a very attractive market.”
Timothy Young, Director of Temprano Capital Partners, said: “La Farga corresponds with our strategy to improve income through investment and repositioning.”
During the sale, the vendor has been advised exclusively by Savills. Sonae Sierra and CBRE Global Investors acquired La Farga in 2002. With 17,520 sq m, La Farga has become a benchmark shopping center for the residents of Hospitalet de Llobregat, a city with over 250,000 inhabitants. Last year, the shopping center brought in sales totaling €29.7 million and had 3.8 million visitors. At present, it has 54 establishments in operation.
