• Transaction / Assets
    Gran Vía de Hortaleza shopping centre (Madrid)
  • Seller
  • Buyer
  • € MM

Carmila Buys Gran Vía de Hortaleza Shopping Centre in Madrid from Klépierre

5 February 2018 – Eje Prime

Carrefour is expanding its project to increase the value of the shopping centres adjacent to its hypermarkets in Spain. Carmila, the management vehicle created by the French food group, has paid €212 million for a portfolio of two complexes, including the Gran Vía de Hortaleza shopping centre in Madrid. The other asset acquired by the company is the Gran Vitrolles shopping centre, located in Marseille (France).

Gran Via de Hortaleza was opened in 1992 and is located in the northeast of the Spanish capital. The complex spans two floors and is home to a Carrefour hypermarket measuring 10,950 m2, ranked as one of the brand’s five largest stores in Spain. Moreover, Gran Vía de Hortaleza has 69 stores spread over a surface area of 6,300 m2 and outdoor space for 1,700 parking spaces.

Each year, the centre receives 6.3 million visitors and it has a penetration rate of 54% in the area in which it is located, according to Business Inmo. Companies that have a store in Gran Vía de Hortaleza include Mango, Promod, Okaidi, Calzedonia, Primor, Fosco, Rodilla, 100 Montaditos, Alain Afflelou and Burger King, amongst others.

Carmila’s objective with this shopping centre is to renovate it and convert it into a “family space”, as reported by the company, which is seeking, amongst other aspects, to improve the occupancy rate of the complex from its current value of 92.7%.

The other shopping centre acquired by Carrefour’s real estate manager is Grand Vitrolles. Located in Marseille, it is a large retail complex with 84 stores spread over a surface area of 24,530 m2 and a Carrefour hypermarket measuring 20,500 m2.

Outside, that shopping centre has parking with capacity for 4,709 vehicles. Carmila will expand the complex by 11,700 m2 to increase the number of stores to 130 units.

Original story: Eje Prime

Translation: Carmel Drake