Europe's largest shopping centre landlord Unibail-Rodamco is continuing its drive to focus on dominant shopping centres by putting seven more malls up for sale for a total of more than €800 mln, PropertyEU's sister publication Europroperty reported last week.
The shopping centre giant, which is currently in the throes of acquiring Westfield to create a $72 bn global market leader, has earmarked four Spanish and three German assets for sale.
The retail centres are to be offered in two portfolios.
Advisor Cushman & Wakefield has been appointed to launch the sale of the Spanish portfolio and will be seeking circa €500 mln which equates to a yield of 5.25%-5.5%.
The largest of the four centres is El Faro at Badajoz, near the Portuguese border. The 66,300 m2 centre was developed by Unibail in 2012 and trades well but El Faro is regarded as a tertiary location.
Unibail's Los Arcos mall in Seville may no longer be the dominant centre in the city when Lar España completes construction of the new 'Palmas Altas' project next year. However, the 44,000 m2 Unibail centre does have the potential to be extended.
The other two centres are 59,000 m2 Bahia Sur in Cadiz and 36,000 m2 Vallsur in Valladolid. El Corte Inglés is an anchor and owns its store at two of the schemes.
Unibail has appointed JLL to sell the three German shopping centres, in Recklinghausen, Monchengladbach and Gera.
Palais Vest in Recklinghausen totals 43,000 m2 and Unibail acquired it in 2012 via its takeover of German retail developer Mfi from Perella Weinberg. They completed the 42,000 m2 Minto shopping centre in Monchengladbach in 2015.
Unibail acquired the 38,600 m2 Gera Arcade in 2012.
The company has not responded to an email request for comment. C&W, which is advising on the Spanish sale, declined to comment.
CBRE GI and Sonae Sierra have also just put a €500 mln Spanish shopping centre portfolio up for sale, offering three assets in Bilbao, Santander and Zaragossa.
