Eversheds Sutherland advises on the sale of the Ballonti shopping centre to Rivoli for around €120m
Eversheds Sutherland has advised Bilball Centre Investments and Ballon Investments on the sale of the Ballonti shopping centre, located in Portugalete (Bizkaia), recently acquired by Rivoli Asset Management for around €120 million.
The transaction involved Banco Santander Private Wealth clients as investors and was supported by a team of advisors that also included CBRE, Garrigues, Arcadis and GMD.
Ballonti, which opened in 2008, has a gross leasable area (GLA) of 53,000 m² and is one of the main shopping centres in the Basque Country. It receives more than 6 million visits annually and maintains an occupancy rate of 98%. In 2024, it achieved its best ever sales results, consolidating a trend of sustained growth.
The transaction strengthens Rivoli Asset Management’s presence in the Spanish retail market, where it has been involved in significant moves in recent years. In 2023, the firm acquired the Moraleja Green shopping centre (Madrid) and, more recently, 50% of intu Xanadú in Arroyomolinos.
The firm legal team responsible for the transaction was led by Real Estate partner Rafael Arraez Amselem, with the support of Ignacio Fraile Medina and Andrea Calavia Mendiola.
