LaSalle completed the acquisition of Las Mercedes Retail Park from Inmobiliaria Colonial SOCIMI.

LaSalle, a real estate investment manager, completed the acquisition of Las Mercedes Retail Park, a retail and commercial park, from Inmobiliaria Colonial SOCIMI, a real estate investment trust. Financial terms were not disclosed. “With Las Mercedes Retail Park, we have identified an exceptionally attractive opportunity to increase exposure of Encore+ to high-value, income-generating retail assets with a heterogeneous industry profile and potential for alternative uses. The transaction comes at an opportune moment when the vacancy rate in Madrid is historically low while the new development pipeline is limited. The location is compelling as an established urban retail and office submarket, providing a mix of strong-performing long-term tenants which will generate diversified cash flows and sustain strong returns for our investors," David Ironside, LaSalle Fund Manager.