PORTFOLIO: IBERIA FUND I
Well-located retail and leisure center in Barcelona
SOM Barcelona (previously Heron City) is a medium sized retail and leisure center in the city of Barcelona. The scheme benefits from a high density population with a good infrastructure as well as from strong anchor tenants including a supermarket, movie theaters, a gym and a hotel. Urban schemes in Spain are currently going through an improving trend in sales, rental growth and retailers’ demand.
This investment represents a “classic” value add repositioning opportunity for an undervalued asset in well-located sub-markets in major cities in Spain. ASG strategy is to lease up the remaining vacant space, restructure and optimize retail use and to optimize the tenant base.