Milligan, the innovative retail developer, has announced a new strategic partnership with real estate investor ActivumSG Capital, following the purchase of the Zubiarte shopping centre in Bilbao, Spain from Sonae Sierra and CBRE Global Investors
Milligan, the innovative retail developer, has announced a new strategic partnership with real estate investor ActivumSG Capital, following the purchase of the Zubiarte shopping centre in Bilbao, Spain from Sonae Sierra and CBRE Global Investors.
Milligan has co-invested with ActivumSG Capital in Zubiarte and will take the role of strategic asset manager of the scheme.
Opened in 2004, the Zubiarte shopping centre was developed by Sonae Sierra and ING Real Estate Development. The centre has 20,647 square meters of gross lettable area, 65 stores and a total of 757 parking spaces.
The only shopping centre in central Bilbao, Zubiarte benefits from a unique location amongst major landmark buildings including the Guggenheim Museum, the Iberdrola office tower and Deusto University.
Commenting on the deal, Brian Betel from ActivumSG Capital said: “Zubiarte shopping centre is a strategic acquisition because it is a high quality asset in a great location within a strong business and industrial city and a wealthy region in Spain. We see the opportunity to enhance the shopping and entertainment experience of the centre for the residents of Bilbao over the coming years.”
Xavi Alemany, Milligan’s Asset Management Director in Spain, said: “Repositioning Zubiarte is a really exciting opportunity for Milligan and we see real growth potential through enhancing the tenant mix and the customer experience for our target market.
“Milligan has been committed to Spain ever since our successful re-positioning of Maremagnum Barcelona and we are keen to explore new opportunities here where our unique approach can make a difference.”
Milligan launched its Spanish office in 2004 ahead of the redevelopment of Maremagnum, which sold for a landmark €122m in 2006.