Redevco Acquires WAY Retail Park in Seville in Fifth Spanish Deal for European Retail Parks Fund

Redevco has acquired WAY Retail Park in Dos Hermanas, Seville, on behalf of its Redevco European Retail Parks (RERP) fund, the firm announced Sept. 29. The purchase marks the fund's fifth investment in Spain and adds a nearly 50,000-square-meter retail park — roughly 538,000 square feet of gross lettable area — to Redevco's growing European portfolio.

The sellers were Kronos and King Street. The transaction was structured as a share deal through the acquisition of the company owning the asset. Kronos Properties had invested approximately €65 million in the development of WAY before its October 2020 opening.

Property Overview: WAY Retail Park in Dos Hermanas

WAY Retail Park sits at Avenida Ingeniero José Luis Prats 1 in Dos Hermanas, a municipality within the broader Seville metropolitan area. The park opened in 2020 and is held on a freehold basis, giving the new owner direct control over the asset and its future development. It is located approximately 20 minutes from Seville's city center, with direct access to the A-4 and N-4 highways, and serves a primary catchment of approximately 135,000 residents.

The asset carries a BREEAM In-Use Excellent certification. Redevco has identified expanded on-site solar photovoltaic generation as a near-term sustainability enhancement opportunity.

Anchor tenants include Leroy Merlin, Lefties, Decathlon and Kiabi. Additional occupiers at the park include Mango, Tiendanimal, Cineapolis, Sprinter, Joma, KFC and Ginos, giving the property a diversified mix of home improvement, sporting goods, value fashion, food-and-beverage and leisure uses.

Strategic Rationale and Fund Context

Israel Casanova, Investment Director at Redevco, said the acquisition aligns with the RERP fund's core investment approach. "WAY Retail Park is an excellent fit with the investment strategy of the Redevco European Retail Parks Fund," Casanova said. "The asset combines a primary destination in a growing catchment, a high-quality tenant mix anchored by leading retailers and strong sustainability credentials. We see further opportunities to create value through active asset management while continuing to enhance the asset's long-term resilience and sustainability performance."

The RERP fund focuses on convenience-led retail parks across Europe, targeting assets in resilient catchments with strong tenant covenants and active management potential. With WAY, Spain becomes one of the fund's largest markets by transaction count. Redevco manages approximately €10.5 billion in assets under management across Europe.

Redevco's stated value-creation plan centers on operational improvements rather than redevelopment. The company highlighted active asset management, continued sustainability upgrades and the expansion of on-site solar generation as its primary levers. The freehold ownership structure provides flexibility to pursue leasing, tenant remixing, energy and public-realm improvements without the constraints of a leasehold arrangement.

Spanish Retail Market Backdrop

The acquisition comes as Spain's retail investment market has shown renewed momentum. Investment in the Spanish retail sector reached €1.488 billion in the first quarter of 2026, up 22% year over year. Retail parks have been a particularly active segment, with prime yields in Spain reported at approximately 6.35%. Retail parks also exceeded, during the first half of 2026, the total investment volume recorded across all of 2025.

The broader European retail park market has supported investor interest in the format. Retail park vacancy across Europe stood at approximately 3.7%, with rental growth estimated at 2.9% annually. New supply has remained limited, while investor demand for the format has increased. Annualized three-year total returns for European retail parks have been forecast at approximately 9.4%.

WAY's combination of highway access, a large and growing residential catchment, a relatively young physical plant and a tenant mix weighted toward essential and value-oriented retailers positions it as a convenience-led asset less exposed to discretionary spending cycles than traditional fashion-anchored shopping centers.

Sustainability and Next Steps

Redevco plans to build on WAY's existing BREEAM Excellent credentials through targeted initiatives, with expanded solar PV capacity identified as the primary near-term project. The firm said these measures are expected to improve the property's environmental performance and support its long-term resilience.

Sources

Redevco — Redevco European Retail Parks Fund acquires WAY Retail Park in Seville, Spain (Sept. 29, 2026)