Hines European Value Added Fund sells Zielo Shopping Pozuelo

Hines, the international real estate firm, has announced that the Hines European Value Added Fund (HEVAF) has sold 100 percent of the shares of the company holding Zielo Shopping Pozuelo shopping center (“Zielo”) for pricing in excess of €70 million. HEVAF was developer of the 169,489-square-foot shopping center, which opened in October 2009 and is currently 97 percent occupied. Hines Spain provided development management, asset management and disposition services to HEVAF.

Zielo has become a reference point for Spanish shopping centers due to its unique retail mix, housing top-level tenants such as Sánchez Romero, Massimo Dutti, Uterqüe, COS, H&M and the restaurant Cielo de Urrechu. Located in an area with one of the Spain’s highest per capita incomes, Pozuelo de Alarcón in Madrid, the center has increased its shopper traffic in recent years, consolidating itself as the preferred shopping destination in its area of influence.

Jamie Rea, co-managing director of Hines Spain commented, “We are proud to have produced Europe’s first LEED® Gold shopping center and to have successfully asset managed it through the Spanish recession to reach a successful conclusion.”

CBRE, which has provided center management and leasing services to HEVAF, also advised them on the sale, while Ashurst provided legal advice to the fund.

Gonzalo Senra, Head of Retail Investment at CBRE, states, “This deal shows how prime assets generate high interest among investors with a core profile. Zielo is a shopping center whose offer and architecture stand out above the rest and are completely in tune with its surrounding area, one of a kind.”

Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.