Franco-Dutch property giant Unibail-Rodamco has acquired two Spanish shopping centres from Metrovacesa for EUR 434mln. The total net rental income from the two malls is expected to be EUR 26mln, the group said.
Franco-Dutch property giant Unibail-Rodamco has acquired two Spanish shopping centres from Metrovacesa for EUR 434mln. The total net rental income from the two malls is expected to be EUR 26mln, the group said.
Unibail-Rodamco said it acquired 59,330 m2 in the 71,570 m2 La Maquinista shopping centre in Barcelona. It has also paid an additional EUR 28.5mln for an extension to that mall, subject to building permits. The company said the Barcelona centre has some 15 million annual visitors and is anchored by strong international retail chains. Unibail-Rodamco said it sees significant upside potential from the acquisition, citing the expansion opportunity and a low initial occupancy cost ratio of 8.8%. Given 'very strong fundamentals' at La Maquinista, Unibail-Rodamco CEO Guillaume Poitrinal said the company expected 'a strong return on this investment'.
The company also acquired the 24,086 m2 Habaneras shopping centre located in the popular tourist destination of Torrevieja. Annual visitors to the mall total roughly 5.1 million.
On Thursday Unibail-Rodamco reported a net profit of EUR 394mln for the first half of 2008. Earnings per share were up 6.9% on the same period last year to EUR 4.33. Despite the worsening global economic outlook, rental income rose 8.1% to EUR 599mln.
