Ashurst, Dentons and Garrigues Advisors on a Real Estate deal in Castellon
South African listed real estate companies, Lighthouse Properties and Resilient REIT, have successfully completed the acquisition of the Castellón shopping centre “Salera” from DWS. The total purchase price for this strategic asset deal amounted to 171 million euros. This acquisition is a notable transaction in the Spanish market, marking a significant uptick in shopping center transactions post-Covid.
Opened in 2005, Salera boasts a Gross Leasable Area (GLA) of 68,752 sq. m., housing 146 stores featuring renowned fashion and sports brands, cinemas, a bowling alley, and an array of restaurants. The shopping center’s key highlights include a separately owned Alcampo Hypermarket.
The private sale and purchase agreement, secured on December 21, 2023, culminated in the completion of the transaction on January 31, 2024. Through a joint venture, both investors have assumed control over Salera, underlining their commitment to the Spanish retail property market.
The Advisors
Global law firm Ashurst played a pivotal role in advising the buyers, with the Madrid team, led by real estate partner Joaquín Macías (pictured left) and tax partner Ricardo García-Borregón (pictured centre), ensuring the successful completion of the transaction and assisted by corporate transactions counsel Tannia Rodriguez.
Dentons has provided tax advice to the buyers in the implementation of the structure for the acquisition of the shopping center. The team includes tax partner María Cortizas, senior associate Diego Carrera and junior associate Sofía Sancho.
Jorge García-Pellicer (pictured right) from Spanish law firm Garrigues provided legal counsel to the seller DWS.
In addition to legal advice, Lighthouse and Resilient received comprehensive and strategic support for due diligence from CBRE. The multidisciplinary team at CBRE provided insights into commercial, technical, environmental, financial, and ESG aspects of the acquisition. Paul Santos Robson, Senior Director of Retail in Iberia at CBRE, highlighted the purchase of Salera as indicative of a changing cycle in shopping center investments, anticipating over €500 million in investments in this asset class for the first quarter.
