Cushman & Wakefield has advised the sale transaction of the 47.000 sq m shopping centre. This is the most important transaction of this type in the South of Spain in the last 5 years.
Union Investment has sold the Area Sur shopping centre in Jerez de la Frontera, which comprises around 47,000 sq m of rental space. The Hamburg-based real estate investment manager acquired the property in 2005 at the development stage and subsequently held it for almost twelve years in the portfolio of open-ended real estate fund UniImmo: Europa. The buyer is a joint venture between AXA IM - Real Assets, acting on behalf of its clients, and Sonae Sierra. Cushman & Wakefield advised Union Investment on the transaction.
The Area Sur shopping centre was opened in 2007 and features stores across three levels. It also provides more than 2,300 parking spaces for visitors from the Cádiz region and tourists holidaying on the Costa de la Luz. The shopping centre serves a catchment area of around 450,000 people and is one of the largest malls in southern Spain. The property also includes a 4,500 sq m multiplex cinema and fashion brands such as Primark, Décimas, H & M, Zara, Okeysi or Cortefiel, and Burger King, TGB or Pans & Company, among others.