Indotek Group Acquires Spanish Plaza

Indotek Group, a Budapest-based European real estate investment and asset management company, has acquired the Espacio León shopping center owned by US fund management company Blackstone Inc. for almost EUR 50 million, the real estate investor told MTI on Monday.

According to a statement from Indotek, the acquisition of one of the leading retail centers 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 renovated in 2018, attracts 4.1 million visitors per year. The shopping mall has 112 retail outlets, 1,277 parking spaces and 36,914 square meters of leasable area, and is currently operating at 93% occupancy.

With a population of 120,000 and a magnet for 200,000 people, 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.

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

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