Sociedad Industrial Cartagenera de Desarrollo (SICD), the owner of Mediterráneo retail park in Cartagena, has acquired the Mandarache retail park, also in Cartagena, from private equity group Perella Weinberg Capital Partners. Financial details were kept confidential.

The buyer was co-advised by international real estate advisor Savills and LyC Consultores.

Mandarache, which opened in 2006, comprises 26,976 m2 of retail space and 1,200 parking spaces. Located on Spain's south eastern coast, the asset formed part of a Royal Bank of Scotland debt package totalling some EUR 300 mln which Perella Weinberg Capital Partners acquired at the beginning of 2011 for a discount of some 45% to face value.

'The purchase of Mandarache Retail Park is a strategic acquisition due to its location in Cartagena city centre,' said Luis Espadas, director of capital markets at Savills Spain.