Private Dutch real estate company Redevco has further strengthened its retail portfolio in Spain with the acquisition of a block of commercial properties in San Sebastián for EUR 22 mln.

The vendor was savings bank Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastián, with consulting firm Colliers International acting as its adviser.

The portfolio of nine retail properties is located on Avenida de la Libertad in the city's commercial district. Together they form a block with a total lettable area of nearly 2,500 m2. The nine premises are leased to fashion retailers such as Massimo Dutti, Stradivarius (Inditex Group) and Pimkie.

The deal is in line with Redevco's strategy of focusing on retail investments in A1 locations in major cities. It follows the acquisition by Redevco in 2010 of a retail property leased to Zara in Madrid.

Redevco manages and develops major retail real estate portfolios in Europe and Asia. It is owned by Cofra Holding, a Swiss-based holding company established in 2001 by the Brenninkmeijer family. Redevco's portfolio comprises over 750 properties with a total floor space of around five million m2. The portfolio is valued at around EUR 7.4 bn.