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British Fund Buys Modoo Shopping Centre in Oviedo from Alpha Real Capital

Posted by: In: Real Estate 23 Jan 2018 Comments: 0 Tags: , , , , , , , , , , ,
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22 January 2018 – Eje Prime

The shopping centre that Calatrava designed for the heart of the Palacio de Congresos in Oviedo has a buyer. Modoo, owned until now by Alpha Real Capital, has been acquired by a British investment fund. Created by the famous architect Santiago Calatrava, this complex is located in the Buenavista neighbourhood of the Asturian capital.

The sale and purchase negotiations have also resulted in the arrival of a new manager for Modoo in the form of Estabona Management, which has already announced its plans to renovate the shopping centre, as well as to add a cinema and include more spaces. The operation, led by Estabona, was signed on 31 December 2017, the last day of the period set to agree a sale, according to reports from La Nueva España.

Located in the upper area of Oviedo, inside the city’s Palacio de Congresos, the complex was acquired by Alpha Real Capital in 2014, when it purchased the property from the Dutch firm Multi Development.

Estabona, which already has a presence in Spain in the Albacete Imginalia shopping centre, has proposed a renovation plan for Modoo. The shopping centre has a surface area of 40,000 m2 and is home to renowned retailers such as Primark and El Corte Inglés. This will not be the first space restructuring that has been requested for the shopping centre, given that Alpha Real Estate and its former managers, JLL, tried to incorporate a cinema and make significant changes to the land in the past, but that construction project never got off the ground.

Original story: Eje Prime

Translation: Carmel Drake

The post British Fund Buys Modoo Shopping Centre in Oviedo from Alpha Real Capital appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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