John Carrafiell’s GreenOak Real Estate has bought a portfolio of Spanish shopping centres from Vastned Retail for €160m.
The firm, which was set up by former Morgan Stanley Real Estate executives Carrafiell, Sonny Kalsi and Fred Schmidt in 2010, has teamed up with Spanish property company Grupo Lar to take control of the eight-strong portfolio on behalf of a consortium of investors.
It comprises seven Spanish shopping centres and a retail park in Alicante covering more than 1.4m sq ft of space and 380 tenants.
GreenOak and Grupo Lar will jointly manage the shopping centres and the investment that they acquired from the listed European retail property fund, which is streamlining its portfolio.
The all-cash sales price for the non-core Spanish shopping centre properties was 29% below the latest appraisal value at 31 December 2013.
bridget.oconnell@estatesgazette.com
