CBRE Spain has advised on the sale of the Ballonti shopping centre, located in Bilbao, one of the leading retail assets in the Basque Country. The sellers were Bilball Centre Investments, S.L.U. and Ballon Investments S.L., while the buyer is RIVOLI Asset Management, in an investment backed by Santander’s private banking clients.
Ballonti, which first opened its doors in 2008, has established itself as one of the most prominent shopping centres in the region, boasting a gross leasable area of 53,000 square metres. With an occupancy rate of 98% and a diverse commercial offering spread across 108 retail units, the centre attracts nearly six million visitors annually and has consistently grown its sales, reaching its best performance in 2024. Leading brands such as Primark and Half Price are among its key tenants.
The transaction marks RIVOLI Asset Management’s third major acquisition within a year, following the purchases of the Xanadú shopping centre in Arroyomolinos (Madrid) and Moraleja Green in Madrid. The deal further strengthens RIVOLI’s position in the shopping centre market through its investment arm led by Pablo Gómez-Almansa.
The acquisition was completed for approximately €120 million and has been supported by Santander’s Private Wealth (SPREA) clients, under the leadership of Julián Crespo, Santander’s Global Head of Real Estate.
Alongside CBRE’s advisory services, the transaction was supported by Eversheds Sutherland, Garrigues, Arcadis and GMD, who provided legal and technical advice.
This new milestone demonstrates CBRE’s continued leadership in advising high-value real estate transactions, further consolidating its role as a trusted partner for institutional investors and managers in Spain’s dynamic retail market.
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