French Klépierre acquires Nueva Condomina, the leading retail hub in Murcia area, Spain
Klépierre, the leading pure play shopping center property company in Europe, announced that it has acquired Nueva Condomina, the leading shopping mall in the region of Murcia, Spain, for a property value of €233 million (including duties). Following this acquisition, Nueva Condomina becomes the third largest asset in Klépierre’s Spanish portfolio in terms of net rental income.
Covering approximately 110,000 sq.m. (a 73,000 sq.m. shopping center and 37,000 sq.m. retail park) Nueva Condomina boasts an exceptional mix of 178 shops. In 2016, it attracted nearly 11 million visitors and generated €257 million in retailer sales.
Klépierre purchased 100% of the shares of the Spanish entity that directly owns Nueva Condomina from a subsidiary of BNP Paribas Fortis SA/NV. Klépierre financed the acquisition through available credit lines.
Based on current annualized net rental income (NRI) of €12.5 million (80% shopping center; 20% retail park), the EPRA net initial yield amounts to 5.4%. Klépierre has been managing the entire retail site since 2012, and has already identified asset management and leasing initiatives which should result in an 18% uplift in annualized NRI by 2019.