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European fund manager ActivumSG has bought Zubiarte shopping centre, located in the centre of Bilbao, from Sierra Fund, managed by Sonae Sierra, and CBRE Retail Property Fund Iberica, the firms have reported, without disclosing the amount of the transaction.
Opened in 2004, Zubiarte shopping centre has 20,647 square metres of gross lettable area, spread over 65 shops, as well as 757 parking spaces.
It is the only large shopping complex located in central Bilbao and therefore, according to the firms, “benefits from its unique location among the city’s major landmark buildings, such as the Guggenheim Museum, Iberdrola office tower and Deusto University”.
The vendor partners frame the operation within their asset rotation strategy, while the buying Fund Manager considers that it is a “strategic acquisition”, because it is a “high-quality asset in a great location, in one of the regions with greater purchasing power and a high flow of tourists”.