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Hines European Value Add Fund Sells Spanish Retail Center to UBS

The Hines European Value Add Fund, which invests in European commercial real estate assets, sold the Zielo Shopping Pozuelo to the United Bank of Switzerland, according to a translated article by Rocío Ruiz from Expansión, a Spanish economic and business newspaper published in Madrid.

Zielo is a 169,000-square-foot retail center located in the Madrid suburb of Pozuelo de Alarcon. The Hines European Value Added Fund originally developed the property, which opened in October 2009.

According to the Spain’s Expansión newspaper, the Hines fund invested more than $113 million (€100 million) to develop the property. According to Hines, Zielo sold for more than $79 million (€70 million).