Hungarian Indotek Group buys shopping centre in Spain

The Budapest-based European real estate investment and asset management company Indotek Group, has purchased the Espacio León shopping centre owned by US fund management company Blackstone Inc. for nearly €50 million, the real estate investor announced on Monday.

Indotek said in a statement that the acquisition of one of the leading retail centres in the Spanish province of Castilla y León will further strengthen the group's presence in the Spanish commercial real estate market. The acquisition was financed by Banco Santander.

The Espacio León, inaugurated in 2004 and upgraded and refurbished in 2018, attracts 4.1 million visitors a year. The shopping centre has 112 retail outlets, 1,277 parking spaces and 36,914 square metres of leasable area, and is currently operating at 93 percent occupancy.

Indotek has further strengthened its already substantial Spanish portfolio

With a population of 120,000 and a catchment area of 200,000, León is an important commercial and educational centre, attracting 900,000 tourists a year thanks to its historical and cultural heritage. The city's advanced infrastructure, including a high-speed rail link to Madrid, further enhances its attractiveness for commercial and business investors.

According to the announcement, in addition to its 1,600-room Spanish beachfront hotel portfolio, Indotek Group's Iberian interests include a retail park, several supermarkets, industrial properties and the acquisition of two malls in Valencia and Barcelona last year.

Based in Budapest, Indotek Group is a group of real estate investment, development and asset management companies with a presence in 12 other European countries. It has a portfolio of more than 350 properties, including more than 40 shopping centres, with a total of more than 2.5 million square metres of lettable space. Indotek Group's investment philosophy focuses on the renovation and reuse of existing buildings.