SPAIN. Property group Nozar has acquired the Madrid headquarters of Spanish travel retailer Aldeasa, for more than €38 million, financial newspaper Expansión reported yesterday.
Aldeasa has two other properties for sale, one in Madrid and another in the Spanish province of Valencia.
Aldeasa will move from the premises in Calle Ayala to a new location near its flagship location, Madrid Barajas Airport.
The real estate divestments were widely predicted as a means of paying down debt and funding growth after Aldeasa was sold to a partnership between Altadis and Autogrill last year.
The sale will help generate funds for future acquisitions, Aldeasa told The Moodie Report earlier this year.
The retailer is keen to expand its international interests and has won two important foreign contracts in the past few months – Kuwait Airport, where it has already begun operating the duty free concession, and Vancouver International, where it takes over from The Nuance Group next year. It is also a front-runner in the current duty free tenders at Sydney Airport and Copenhagen Airport.
MORE STORIES ON ALDEASA
AENA and Aldeasa agree new rental formula for Spanish airport concessions – 02/06/06
Aldeasa’s double-digit growth buoys Autogrill in Q1; non-Spanish airport sales up +38.5% – 11/05/06
Aldeasa set to sell key Madrid property interests to fund future acquisitions – 04/05/06
