The Spanish arm of Carrefour Property has signed an agreement with French retail specialist Klépierre to swap their interest in four shopping centres in Spain.
The Spanish arm of Carrefour Property has signed an agreement with French retail specialist Klépierre to swap their interest in four shopping centres in Spain.
As part of the agreement, Carrefour Property has acquired the retail gallery of the Carrefour hypermarket in Huelva. The company plans to develop a 53,000 m2 regional shopping centres due for opening in September 2013.
In exchange, Klépierre has bought from Carrefour some commercial areas and building rights in shopping centres in La Gavia (Madrid), San Juan de Aznalfarache (Seville) and Elche (Alicante).
Opened in October 2008, La Gavia shopping centre in the Vallecas district of Madrid currently offers some 100,000 m2 of space including a 56,000-m2 retail gallery with 176 shops, a 14,000-m2 Carrefour hypermarket and an Ikea store with 28,000 m2. Under the deal, Klépierre is buying four plots totalling 9,100 m2, which will allow to extend the centre by 3,500 m2.
In Sevilla, Klépierre will be responsible for the redevelopment of the retail gallery as well as the construction of a further 1,700 m2 unit above the hypermarket. Klépierre has also purchased an option to buy a plot of land near the centre, which allows for the development of a further 7,000 m2 of space.
Klépierre, which is majority owned by BNP Paribas, will also increase the retail space in the Elche shopping centre three-fold in a project aimed for delivery in the first quarter of 2014. In addition, the French real estate investment trust has also bought three mid-size units occupied by Decathlon, Aki and Kiabi.
