Transaction / AssetsHypermarket in Islazul shopping centre SellerE. Leclerc BuyerTH Real Estate € MM
TH Real Estate Buys Hypermarket To Take Over 100% Of Islazul
19 July 2017 – Eje Prime
TH Real Estate has completed the acquisition of a hypermarket located in the Islazul shopping centre from the French chain E. Leclerc. The operation includes the refinancing of the Iszazul shopping centre, which was acquired by TH Real Estate in 2014, in such a way that the firm will now manage the whole centre. The amount of the operation has not been disclosed.
With a constructed surface area of 260,000 m2, Isazul has a gross leasable area of 90,000 m2, which makes it the largest shopping centre in the city of Madrid.
This acquisition will add 19,327 m2 of additional space for new operators, whereby increasing the offer available at the shopping centre, which already receives more than 12 million visitors per year on average.
The commercial mix, which accounts for 40% of the centre, is comprised almost in its entirety by the fashion segment, whilst the leisure and restaurant facilities occupy 27% and the hypermarket accounts for 21%. The rest of the space corresponds to other segments, such as services and equipment for the home. In addition, the shopping centre has 4,100 parking spaces.
The company, which has just acquired 50% of Madrid’s Xanadú shopping centre, will start new expansion projects for assets in its Iberian Peninsula portfolio this year. The group will invest €60 million on the expansion of its Norte Shopping retail complex, located in Portugal.
Original story: Eje Prime
Translation: Carmel Drake