French real estate investment firm Frey has purchased the Parque Mediterráneo retail park in Spain for €83 million.
Parque Mediterráneo, the 66,000 m2 retail park, is located at 5 km of Cartagena, a port city located in the region of Murcia southeast of Spain.
Last month, the company acquired open-air Finestrelles Shopping Centre in Spain for €127.5 million.
Commenting on the acquisition, Antoine Frey, Chairman and Chief Executive Officer of Frey, said: “We are very pleased to have a new Spanish asset in Frey’s portfolio. Parque Mediterráneo is a retail park with solid fundamentals and extremely strong potential for conversion to our Shopping Promenade® standards. The acquisition reinforces our position in the Iberian Peninsula, where we now have four owned assets and a project under development. It also marks the acceleration of our expansion strategy to support our ambition to become the European leader for sustainable retail.”