Dutch property investor Corio said it has acquired a controlling stake in the Príncipe Pío shopping centre in Madrid for a total sum of EUR 126.5 mln. The deal reflects a net initial yield of 7.8%.
Dutch property investor Corio said it has acquired a controlling stake in the Príncipe Pío shopping centre in Madrid for a total sum of EUR 126.5 mln. The deal reflects a net initial yield of 7.8%.
Corio will acquire 95% of the shares in Príncipe Pío Gestion (PPG), the the long-term leaseholder of the shopping centre, from Riofisa, the shopping centre unit of Spanish property company Colonial. The Dutch firm will take over the favourable loans in PPG, leaving EUR 56.5 mln to be financed and resulting in a net return on equity of around 13%. The remaining 5% of shares in PPG are held by ADIF, the Spanish state-owned railway management company.
The shopping centre has a GLA of 28,680 m² and is located close to the city centre of Madrid. It is connected to the Príncipe Pío railway station and has 900 underground parking places.
