Partners snap up Bilbao retail centre
Retail developer Milligan has announced a partnership with real estate investor ActivumSG Capital following the pair’s purchase of the Zubiarte shopping centre in Bilbao, Spain from Sonae Sierra CBRE Global Investors.
Milligan has co-invested with ActivumSG Capital in Zubiarte and will take the role of strategic asset manager of the scheme.
The 67,739 sq ft centre comprises 65 stores and a total of 757 parking spaces.
Milligan’s asset management director in Spain, Xavi Alemany, said: ‘Repositioning Zubiarte is a really exciting opportunity for Milligan and we see real growth potential through enhancing the tenant mix and the customer experiene for our target market.’
Milligan launched its Spanish office in 2004 ahead of its redevelopment of the Maremagnum shopping centre in Barcelona, which sold for €122m (£92m) in 2006.