LaSalle Investment Management (“LaSalle”) have closed a purchase contract with ING’s Spanish development arm Promodeico and hypermarket group Eroski for the recently opened 45,000 m2 regional shopping centre As Termas in Spain. Anchored by a 12,000 m2 Eroski hypermarket, the centre is the dominant retail facility in the 180,000 catchment area around the historic Roman city of Lugo in northern Spain. The 110 shops and restaurants in the two level gallery include top quality secondary anchors such as Zara, Bershka, Cortefiel, H&M and Miro, in addition to good names such as Aki and Sprinter in the four retail warehouses on the car park.
The €100 million investment will provide an overall initial yield of just over 6%.
After the acquisition of Centro San Vicente in Alicante, this is LaSalle’s second major retail acquisition in Spain in the last two years. In 2004, LaSalle set up a local office in Madrid.
Andy Watson, Head of Southern European Acquisitions at LaSalle said “We continue to identify value within the Spanish retail market for well configured dominant centres.”
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About LaSalle Investment Management
LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL), is a leading global real estate investment manager, with approximately US$30 billion of assets under management. LaSalle Investment Management is active across a range of real estate capital and operating markets including private and public, debt and equity.
LaSalle Investment Management begun operations in Asia Pacific in 2000 and has offices in Shanghai, Hong Kong, Tokyo, Singapore and Seoul.