Listed European shopping centre landlord Klépierre has purchased Nueva Condomina, the leading shopping mall in the Spanish region of Murcia, for a property value of €233 mln. The vendor was a subsidiary of BNP Paribas Fortis.
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 m2 (73,000 m2 shopping centre and 37,000 m2 retail park) Nueva Condomina has 178 shops and attracted nearly 11 million visitors in 2016, generating €257 mln in retailer sales.
Klépierre purchased 100% of the shares of the Spanish entity that directly owns Nueva Condomina from the BNP Paribas Fortis subsidiary.
The mall is anchored by the largest Primark store (5,306 m2) on Spain’s Southern Mediterranean coast, the only Apple store in the region, as well as a 2,350 sq.m. H&M. The entire Inditex Group stable of brands – Zara, Bershka, Massimo Dutti, Lefties, Oysho, Stradivarius, Zara Home and Zara Kids – is also in the mall. In autumn 2017, the main Zara store's extension from 1,912 m2 to 3,400 m2 is scheduled to open.
Klépierre financed the acquisition through available credit lines. Based on current annualised net rental income (NRI) of €12.5 mln, 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 annualised NRI by 2019.
