Project Summit

Background

In February 2018, JLL was mandated to advise in the sale of a portfolio of three Shopping Centres: Valle Real, Max Center and Gran Casa. These top tier assets located across the north of Spain are all top performing and offer a diverse and attractive retail supply. There was potential to drive performance even further through several asset management initiatives.

Strategy

JLL designed a structured and competitive 2-phase process, engaging a targeted investor group, with a clear aim to optimise pricing and ensure deal certainty.

Investors targeted included institutional investors as well as global retail specialists. The marketing material was carefully catered to suit this savvy group and emphasised the strong asset parameters as well as highlighting the underlying potential and value add initiatives.

Results

This transaction is testimony to JLL’s capability of selling the story on the potential of the assets, and pursuing targeted investor group. The combination of JLL’s leading European Retail Capital Markets and Spanish Capital Markets teams ensured an optimal outcome for the client in the process:

-Assessment of the future potential through asset management

-Access to a global investor base, both strategic and institutional

-Transaction structuring and negotiation of a 3-asset share deal

The deal closed in Q4 2018 and was a flagship deal for the Spanish Retail investment market.