Spain's Metrovacesa sells two malls for 434 mn euros

MADRID: Spanish real estate company Metrovacesa said on Friday it had sold two shopping malls in Spain to Franco-Dutch property firm Unibail-Rodamco for 434 million euros ($688 million).

One of the malls, La Maquinista in Barcelona, has over 76,000 square metres (almost 19 acres) of retail space, making it one of the largest shopping centres in Spain's wealthy northeastern region of Catalonia.

The other mall, Habaneras, is located in Torrevieja on Spain's Mediterranean coast and it has 26,000 square metres of retail space.

The sales of the two shopping malls come as a decade-long property boom in Spain is coming to an abrupt end due to rising interest rates in the euro zone and the international credit crunch caused by the US subprime crisis.

Metrovacesa retains 17 shopping malls. The company is primarily focused on the leasing of a range of property in France and Spain.