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British Real Estate Company Pays 451 Million For Spain’s Largest Shopping Mall

26/12/2014 – lainformacion.com

The British property group, Intu Properties, has struck a deal with the Orion European Real Estate fund to acquire the Puerto Venecia complex in Zaragoza, the largest shopping mall in Spain, for €451 million.

The acquisition of Puerto Venecia mall by Britain’s Intu follows the group’s purchase of the Parque Principado shopping mall in Oviedo last year.

Puerto Venecia has a retail park of 82,600 square meters which opened in 2008, as well as a leisure and fashion area of 130,000 square meters which opened back in October 2012.

The Orion European Real Estate III fund had a 50% stake in the shopping mall since it was built and launched in 2008, and last year British Land acquired the remaining 50% for €144.5 million.

Rental income from Puerto Venecia shopping mall, which houses stores such as El Corte Inglés, H&M and Apple, is estimated at €22.4 million, according to Intu Properties, which estimates a net initial return of 5%.

“The transaction substantially accelerates our activities in Spain, which is a country where we see major opportunities for the type of genuinely regional destination center in which the Group specializes,” commented David Fischel, the CEO of Intu.

In this sense, Finchel highlighted that Puerto Venecia offers an attractive combination of shopping, dining and entertainment experiences, emphasizing that the mall is recording a strong growth in retail sales and provides an “excellent template” for the future development of sites “such as in Malaga,” where the British company expects to make significant progress in 2015.

Original article: lainformacion.com

Translation: Aura REE

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