CBRE Global Investors expands its partnership with Immochan in shopping centres

CBRE Global Investors (CBRE GI) purchased 50% of a new shopping centre in the Iberian Peninsula. Alegro Setúbal is an establishment featuring 44,450 square metres of gross leasable area and is situated in Setubal, Portugal.

Constructed in 1990, the shopping centre is 100% occupied by tenants such as Inditex, Mango, H&M, Fnac and a Jumber supermarket of 16,560 square metres (by Auchan group, also Immochan’s manager).

The purchase is part of the joint venture between CBRE GI and Immochan group. CBRE GL reached an agreement with Immochan group, by which the entity acquired 50% of three shopping centres owned by the French group.

The entity purchased 50% of a Portuguese centre and adding three establishments in this joint-venture

The first agreement was reached at the end of 2014 when CBRE GI, on behalf of Alaska Pension Fund, purchased La Zelenia shopping centre, in Alicante (Spain) and later Alegro Alfragide in Lisboa (Portugal). 

In addition to the joint venture, CBRE Global Investors has purchased this year both Ribera del Xuquer, in Valencia and Airesur centres, in Seville (Spain) with a total investment of over 2,000 million euros.

According to Jose Antonio Martin Borregon, CBRE GI’s CEO “The purchase of Alegro Setúbal shopping centre proves CBRE Global Inverstors trust to invest in the Iberian Peninsula as well as the intention to further invest to keep a leading position not only regarding to shopping centres, but also office buildings.