TH Real Estate sells l’Aljub Shopping Center in Elche
One of the most important shopping center in the south of Alicante Province is L’Aljub, located in Elche. Its more than 60.000 square meters of surface and 120 companies have been providing an excellent amusement and commercial service since the summer of 2003, and probably will continue offering its important role for many years in the future.
Since the last months, TH Real Estate, the owner company of L’Aljub, was in conversations with several potential buyers and this week has been announced the final purchase of this magnificent Shopping Center for an amount that could be close to 100 million euros.
TH Real Estate has sold not only L’Aljub, but also two more commercial centers located in Italy as part of the same operation: Center Navile in Bolonia and Metrolopis in Calabria. In total, including L’Aljub, the sold area is approximately of 70,000 square meters and the total amount of the sale is around 250 million euros.
The three properties have been sold to the commercial alliance formed by TPG Capital and Partners Group on behalf of their clients, according sources closely related to this operation. In this regard, TH Real Estate has been advised by CBRE, Norton Rose and Uría Menéndez. Freshfields has advised buyer companies.
The sale is part of the current Herald divestment program and represents the next step after the recent sale to Redevco in Belgium.