KKR & Neinver Establish a Joint Venture With Intention to Buy Two Shopping Parks

12/09/2014 – Expansion

KKR and Neinver have set up a joint venture with view to acquiring the Nassica and the Vista Alegre shopping malls from Pilar Retail European Fund controlled by British Land.

The first, commercial and entertainment center of 50.000 square meters, is located in the south of Madrid, while the other shopping park of 16.000 square meters in total is situated in Zamora.

In opinion of KKR London division director and the head of KKR European Real Estate, Guillaume Cassou, this deal will be their first to seal on the Spanish property market. Likewise, the company is ready to fully commit to adding value to the assets together with Neinver.

Since establishing a real estate – specialized business arm in 2011, KKR has pledged to invest a total amount of €1.24 billion in 26 real estate operations in the USA, Europe and Asia.

On the part of Neinver, its CEO Daniel Losantos has expressed satisfaction from the agreement with KKR.

The Spanish group developed Nassica in 2002. Present on the local market for over 45 years, currently Neinver manages 500.000 square meters of retail space, 2.000 shops, out of which 900 are the prime brands. The company has got branches in Spain, Italy, France, Germany, Portugal and Poland.

 

Original article: Expansión (after: Efe)

Translation: AURA REE

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