Klépierre Close To Finalising Its Purchase Of Plenilunio

20 February 2015 – Modaes

The French company Klépierre, which specialises in the management of retail properties, is putting the finishing touches to its purchase of the Plenilunio shopping centre. The retail complex located in Madrid is one of the largest in Spain with a gross leasable area (GLA) of 70,000 square metres.

In the final stretch of the sales process, Klépierre has overtaken the fund manager Tiaa Henderson and the German fund Invesco, which have also been bidding for the property in recent weeks.

Currently, Plenilunio is owned by the fund Orion. Klepierre would be willing to pay between €380 million and €390 million for the shopping centre, which comes close to the asking price set by the current owners (€400 million). Negotiations beween Orion and Klépierre are now in full swing and a deal could be reached within the next few days. The sale of Plenilunio would break the record for the purchase of a shopping centre in Spain.

The Madrilenian centre occupies a surface area of 220,000 square metres, of which 70,000 square metres are leasable. Some of the most important fashion brands have stores in the centre, including H&M, Inditex and Primark; the latter operates its largest store in Spain in this centre.

Klépierre has an asset portfolio valued at €14,000 million and has a presence in thirteen European countries, including Italy, the Netherlands, France, Germany, Spain, Portugal and Turkey.

Original story: Modaes

Translation: Carmel Drake