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SEVA vehicle acquires the hypermarket premises at L'Aljub Shopping Centre in Elche

L'Aljub Shopping Centre

TH Real Estate has acquired the hypermarket premises at L'Aljub Shopping Centre in Elche, on behalf of the Southern European Value-Add (SEVA) investment vehicle, from Eroski for €18.7m.

SEVA is a mandate managed by TH Real Estate for investors TPG Real Estate and Partners Group, with a focus on value-add and opportunistic investments in Southern European retail. With the addition of L’Aljub, the vehicle includes three assets across Spain and Italy with an AUM of over €300m.

The investment in L’Aljub includes the 9,900 sq m (106,563 sq ft) hypermarket site, as well as 4,500 sq m (48,438 sq ft) of space occupied by Primark and a 200 sq m (2,152 sq ft) petrol station operated by Eroski. 

TH Real Estate is considering asset management opportunities to improve the asset. The surface area of the hypermarket will be reduced to 5,100 sq m (54,896 sq ft) while keeping Eroski as a tenant. This will create 4,800 sq m (51,667 sq ft) of lettable space for new operators to enhance the retail offering at the centre, which currently attracts an average of over seven million visitors per annum.  

L'Aljub Shopping Centre, owned by TH Real Estate, totals 43,000 sq m (462,848 sq ft) including 100 retail units. It is home to leading fashion, leisure and restaurant brands such as H&M, Inditex, Primark and cinema group ABC. The centre is located in the city of Elche, 20km from Alicante and 50km from Murcia, placing it in a strategic position on the southern stretch of the Mediterranean Arc, an area with significant demographic and economic growth potential.

Marta Cladera de Codina, Head of Iberia at TH Real Estate comments: "We are delighted to have completed this deal and look forward to carrying out renovations that will add value, and help attract a new range of operators, which will substantially improve customer experience when visiting the centre."

Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. TH Real Estate is an investment affiliate of Nuveen, LLC (“Nuveen”), the investment management arm of TIAA. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice. COMP201700556

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