Cuatrecasas has advised a syndicate of financial institutions, led by Kutxabank and including Banco Pichincha, Caja Laboral and Banca Pueyo, on the granting of financing worth €75 million to two companies managed by Rivoli Asset Management for the acquisition of the Ballonti shopping center, located in Portugalete (Bizkaia).
The acquisition, which exceeded €120 million, reflects Rivoli’s strong interest in the Spanish retail sector, which continues to demonstrate significant activity and appeal for investors. Ballonti, which opened its doors in 2008, receives over six million visitors per year and has shown steady growth in sales. The center, which has an occupancy rate of 98% and brings together over 100 retail units, holds the BREEAM certification, highlighting its commitment to sustainability.
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The Cuatrecasas team involved in the advisory process was composed of Tomás Ugalde, Víctor Utges, Antonio Ridao and Paula Massagué from the Finance practice.
"It has been a pleasure for Cuatrecasas to advise the banks financing the acquisition of one of the most significant shopping centers in Bizkaia. Ballonti is one of the key shopping destinations for the Bilbao metropolitan area, with approximately 52,000 square meters of leasable area and over one hundred retail units open to the public," said Tomás Ugalde regarding the transaction.
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