Home » South African tycoon Des de Beer’s REIT completes $185-million acquisition of Spanish retail complex

South African tycoon Des de Beer’s REIT completes $185-million acquisition of Spanish retail complex

The strategic move signifies Resilient's geographic diversification into the European market

by Feyisayo Ajayi
Des de Beer

Resilient, the real estate investment trust (REIT) led by South African tycoon Des de Beer, has successfully concluded the €171-million ($185.3 million) acquisition of Salera Centro Comercial, a retail shopping center in Castellón, Spain. The strategic move signifies Resilient’s geographic diversification into the European market.

In collaboration with Lighthouse Properties, Resilient REIT secured the Salera shopping center from German asset manager DWS, enhancing its position in the Spanish retail property market. This €171-million ($185.3 million) transaction was executed through a 50/50 joint venture, showcasing the commitment of both investors to expanding their influence in key European economic hubs.

Salera Centro Comercial, with a vast gross leasable area of 68,752 square meters, stands out as a retail hub in Castellón, featuring 146 stores with renowned fashion and sports brands, cinemas, a bowling alley, and a diverse array of restaurants. Its strategic location near the A-7 motorway ensures a steady flow of visitors, attracting around 9 million patrons annually.

Demonstrating proactive management, Resilient REIT completed the acquisition ahead of schedule, finalizing the deal on January 31, 2024, a month earlier than initially planned. This accelerated timeline highlights the efficiency and determination of Resilient’s leadership, led by Des de Beer.

Resilient REIT: Transforming real estate since 2002

Founded in 2002 by Des de Beer, Resilient REIT has become a powerhouse in the real estate sector, boasting a market capitalization of R17.3 billion ($904.68 million). Under de Beer’s guidance, Resilient manages a vast portfolio of 27 shopping centers across various regions, totaling a combined gross lettable area of 1.2 million square meters.

Apart from the recent Spanish acquisition, Resilient REIT strategically invests in Hammerson and Lighthouse Properties, expanding its global presence. The company also holds direct property investments in shopping center portfolios located in France and Nigeria, showcasing its commitment to sustained growth and innovation in the real estate market.

The acquisition of Salera Centro Comercial represents a significant milestone for Resilient REIT, marking its expansion into the vibrant Spanish retail landscape. With Des de Beer at the helm, Resilient continues to exhibit resilience and adaptability in navigating the evolving dynamics of the global real estate market.

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