The shopping centre, which is the only asset of its kind in the region, has been sold to a fund managed by UBS.

Boasting a gross leasable area of 35,000 sq m, The Outlet Stores has been after the acquisition in 2014 it was refurbished increasing in size by 4,000 sq m after an extension project in 2018. It is almost 100% let, with tenants including brands such as Mango, Guess, Nike, Puma and leading Spanish department store El Corte Inglés.

Fernando Ramírez de Haro, Managing Director, Savills Investment Management in Spain and Portugal commented: “We are very pleased with this transaction and how it confirms the management strategy we have implemented since acquiring the asset. The disposal of The Outlet Stores forms part of our wider portfolio management strategy in Spain, continuing to deliver maximum returns for our clients.”

Salvador González, National Director of Retail Investment, Savills Aguirre Newman, added: “Outlet schemes with a high percentage of leisure, F&B alongside a supermarket, are very defensive products, making them interesting assets for operators and very attractive options for investors looking at the retail and leisure sector.”

Dentons advised UBS and DLA Piper acted as legal advisor.