The asset has been acquired on behalf of one of AEW’s funds from Goldman Sachs Asset Management, which acquired the former IKEA store in 2017 and transformed it into a multi-tenant retail park.
Alcora Plaza comprises 16,400sq m of recently refurbished space divided into fourteen retail units, alongside a food court, recreational area and external and indoor parking areas. The park has an occupancy of 95 per cent with a WALB of c. five years and is let to a highly diversified mix of occupiers spanning the grocery, food and beverage, fashion, sports, and retail sectors including Lidl, Kvik, Milbby and Taco Bell.
The shopping centre is situated in Parque Oeste, one of the largest retail hubs in Spain, welcoming more than 30 million visitors per year. Parque Oeste has a prominent location with excellent links to Madrid’s city centre, as well as the western and southern suburbs, via the Metro, Cercanias and the A-5 National motorway and the M-50 outer ring road.
Carsten Czarnetzki, Head of Spain at AEW, commented: “Alcora Plaza is situated in one of the most attractive retail locations in Madrid with high footfall and is occupied by a diverse mix of high-quality tenants. We are confident that prime retail assets with an attractive offering, such as Alcora Plaza, will continue to perform well and provide sustainable returns for investors.”
