Santander Real Estate acquires El Tormes shopping center

Santander Real Estate Retail Opportunities has completed its first investment with the acquisition of the El Tormes shopping center in Salamanca, Spain. The transaction was valued at less than 70 million euros.

The fund, which completed its capital raising in the first half of 2026, has a total investment capacity of up to 300 million euros. This acquisition marks the beginning of the fund's investment phase, which focuses on commercial real estate assets in Spain and Portugal with value-creation potential.

The fund is managed by Santander Alternative Investments (SAI), while RetailCo, a wholly owned subsidiary of Banco Santander, serves as the asset manager responsible for identifying, executing, and managing investments. Jorge González Navarro, CEO of RetailCo, stated that the acquisition demonstrates the team's ability to execute attractive operations and noted that new opportunities in both markets are currently being analyzed.

El Tormes features over 22,500 square meters of gross leasable area (GLA) and approximately 1,600 parking spaces. Major tenants at the center include Inditex and Mercadona.