Carrefour’s Carmila Has Plans to Acquire New Retail Centres in Spain in 2020

18 November 2019 – Carmila, Carrefour’s real estate management subsidiary, is planning to acquire additional retail centres in Spain during the coming year. Carmila currently controls 78 shopping centres in 32 provinces, with a total of 469,900 square meters of leasable area.

The real estate firm, which Carrefour launched in 2015 together with institutional investors, has a total of 215 shopping centres in Spain, France and Italy. Its holdings in Spain have a 96% occupancy rate.

Original Story: Murcia Diario

Adaptation/Translation: Richard D. K. Turner

Carmila Acquires La Verónica Shopping Centre in Antequera for €16M

4 January 2019 – Diario Sur

Carmila, Carrefour’s real estate subsidiary, has acquired a shopping centre spanning 12,000 m2 in Antequera for €16.1 million plus eight other establishments across Spain for €9.6 million, bringing the total investment made by the firm to €25.7 million.

The La Verónica shopping centre, which comprises 57 retail premises, is located in an expanding business area of the city in the province of Málaga, adjacent to a Carrefour hypermarket, which the French company purchased from Eroski, according to a statement issued yesterday to this newspaper.

The stores are home to brands such as Inditex, OVS Kids and Springfield, and the shopping centre also has a multi-screen cinema. According to Carmila’s estimates, with the current renovation of the complex, the shopping centre will offer organic growth over the medium term, which will increase its profitability by up to 100 basis points.

The other eight establishments acquired by the real estate company across Spain include six stores located in a shopping centre that already formed part of its portfolio and two other shops that the group will end up buying in the second half of the year.

In addition, Carmila has completed the sale of a batch of medium-sized stores to Klépierre, owner of the Turin-Grugliasco shopping centre, located in the Italian city, for €16.3 million.

Original story: Diario Sur 

Translation: Carmel Drake

CBRE: Shopping Centre Construction Soars with 30 New Sites Planned By 2020

5 July 2018 – Voz Pópuli

The market for the construction of shopping centres is soaring again. In Spain, there are currently 18 projects under construction with a combined gross leasable area (GLA) of 650,000 m2 and another 12 assets in the pipeline, spanning another 648,000 m2. That brings the total surface area to 1.3 million m2 across 30 projects between now and 2020, according to data from CBRE.

Although it is still too soon to talk about pre-crisis figures (when 800,000 m2 of retail space was constructed per year), the reality is that the sector is growing at rates that have not been seen since 2009.

Last year, five new shopping centres were inaugurated with a combined gross leasable area of 211,000 m2 and a surface area of more than 30,000 m2 each. Highlights included shopping centres in Madrid (Plaza Río 2), Gran Canaria (Alisios) and Melilla (Parque Melilla), the first ever shopping centre in the autonomous city.

In Spain, although there is a high density in general terms, there are still cities with a shortage of retail space. For example, Lleida lacks any offer and so there, Carrefour Property is promoting a new 55,000 m2 complex, which has secured demand from many retailers that do not currently supply that market. Nevertheless, the majority of the developments currently underway are located in Madrid, Sevilla and Barcelona.

Renovations

Another trend is for the renovation of existing complexes. During the crisis, the people responsible for retail premises were more concerned with surviving than with renovating their spaces. Now, refurbishments are being carried out in several shopping centres, led by huge firms such as Carrefour Property, Carmila and Merlin.

With the arrival of the internet, shopping centres have had to adapt and they are now looking to offer differentiating experiences to become meeting places and social spaces for communities.

The restaurant sector is the horse pulling the cart, given that the sales of traditional fashion is stagnating. Previously, the sector sought out fast-food operators but now restaurants are becoming attractions in their own right.

Original story: Voz Pópuli (by David Cabrera)

Translation: Carmel Drake

Carrefour’s RE Subsidary Acquires 6 Shopping Centres for €182M

4 May 2018 – El Economista

Carmila, the real estate subsidiary of Carrefour, has acquired six shopping centres next to its hypermarkets in Spain from the fund Pradera European Retail, for a total consideration of €182 million and with an average yield of 6.3%, according to a statement issued by the French company on Friday.

Through these new acquisitions, the group plans to renew these spaces with the aim of revitalising them towards a family concept to optimise occupancy rates and strengthen their activity with the deployment of digital marketing tools, such as websites, databases and service kiosks.

The company’s new assets, which have been financed through bond debt amounting to €350 million issued in February, are located in Córdoba, Cádiz, Sevilla, Alicante and in Barcelona, where it has acquired two shopping centres.

At the end of last year, Carmila’s total portfolio comprised 206 shopping centres, located in France, Spain and Italy, worth €5.8 billion in total. The company, which is listed on the Euronext stock exchange in Paris, will hold its General Shareholders’ Meeting on 16 May and will present its half-year results on 27 July.

Original story: El Economista

Translation: Carmel Drake

Carrefour Property Manages 20% of Spain’s Retail Space

2 April 2018 – Eje Prime

Carrefour Property is continuing to expand its map of shopping centres in Spain. The real estate subsidiary of the French distribution group has started the second quarter of the year with a portfolio of retail space under management spanning more than 2.6 million m2. That figure represents 20% of the total surface area of shopping centres in Spain.

The long list of retail plots controlled by the subsidiary of the Carrefour giant has increased in recent months with the management of the following centres: Gran Vía de Hortaleza (Madrid), Puerta de Alicante, Augusta (Zaragoza) and La Verónica (Málaga) in recent months, according to a statement issued by the company.

In total, Carrefour Property España manages 110 centres throughout the country: 82 centrally and the remaining 28, all of which are large shopping centres, through specific teams at each site.

The company’s Director of Shopping Centres, Antonio Fidalgo, stressed that “the management of retail spaces is one of the most important areas of our business, given that we not only manage our own centres, we also manage centres owned by other companies such as Merlin Properties, Klépierre, Carmila, Grupo Lar and Pradera, amongst others”.

Original story: Eje Prime

Translation: Carmel Drake

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

Europa Capital Buys Gran Vía de Alicante For €52M

2 October 2017 – Expansión

Spanish shopping centres continue to be objects of desire for international investors and, specifically, for private equity funds. One of the latest to back this segment is the British fund Europa Capital, which has just closed an agreement with the real estate subsidiary of Deutsche Bank, Rreef, to acquire Gran Vía de Alicante, one of the largest shopping centres in the area.

Market sources have explained to Expansión that the operation has been closed for €52 million. The real estate consultancy JLL has advised the vendor in the process, whilst LyC and Savills have advised Europa Capital.

According to the same sources, the sales process, which opened in March, sparked interest amongst numerous investors, including Eurofund Capital Partners and Patron Capital, as well as Carmila, the subsidiary of Carrefour.

This shopping centre first opened its doors in 1998 and was renovated in 2012. The asset has a gross leasable area of 37,314 m2, spread over three floors, and includes a hypermarket occupied by Carrefour, which does not form part of the perimeter of this operation. The asset also includes a car park with 1,600 parking spaces.

Specifically, more than 70% of the asset’s surface area is leased to fashion brands such as Primark, Lefties, Pull&Bear, H&M, Bershka, Massimo Dutti and Deichmann. Moreover, the shopping centre’s other tenants include restaurant brands such as Foster’s Hollywood and Lizarrán.

Visitors

Last year, the shopping centre received 5.3 million visitors, up by 2.7% compared to the previous year. Gran Vía Alicante has increased the number of visitors almost continuously since Primark opened a store in the centre five years ago. That also resulted in a rise in sales, which exceeded €32 million last year, representing a YoY increase of 5.3%.

The asset, located at number two Calle José García Sellés, competes with Plaza Mar 2 – the largest shopping centre in the municipality – with a gross leasable area of 43,684 m2.

Other shopping centres located close to Gran Vía Alicante include Parque Vistahermosa, measuring 34,000 m2; San Vicente Outlet Park, measuring 36,500 m2; and Puerta de Alicante, measuring 34,500 m2.

Other operations

The purchase of Gran Vía Alicante by Europa Capital follows other operations closed recently in the region.

In this way, last year, TPG purchased the L’Aljub de Elche centre for €100 million for TH Real Estate. Meanwhile, Lar España acquired the Portal de la Marina shopping centre in Ondara (Alicante) for €14.5 million, and the Socimi in which Pimco holds a stake bought the Vistahermosa retail complex, which is located very close to the centre in Alicante, for €42.5 million.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Carmila Secured 91 New Tenants During H1 2017

29 August 2017 – Expansión

Carmila, Carrefour’s real estate subsidiary, has closed the first half of the year having signed 213 commercial operations in Spain, according to a statement issued by the company.

Specifically, the company led by Sebastián Palacios signed 91 new rental operations during H1, corresponding to an increase in the gross leasable area of more than 10,000 m2.

In addition, Carmila signed 122 rental contract renewals with operators that decided to continue their agreements with the company, covering another approximately 10,000 m2 in terms of surface area.

By retail sector, the largest volume of space secured was recorded in the restaurant segment, with 13 new contracts. Specifically, brands such as Burger King, Gino’s, Lizarrán and La Tagliatella signed up to join Carmila’s centres.

That segment was followed by the fashion sector, with the signing of new contracts with brands such as Zara, Bershka and Free Base.

For the second half of the year, Carmila forecasts “very favourable” results, not only in terms of new contracts but also renewals.

In this sense, during the second half of the year, the company will launch the renewal of the rental contracts for eight shopping centres, including the Los Patios Shopping Centre in Málaga.

Carmila was constituted in April 2014 by Carrefour, which controls 42% of its capital, with the aim of obtaining value from the shopping centres located next to its hypermarkets. The other shares in the company are held by large institutional investors.

According to the latest published data, Carmila owns 70 assets in Spain worth €1,100 million.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

Deutsche Bank Negotiates Sale Of Gran Vía Alicante

30 April 2017 – Expansión

The real estate market for shopping centres is unrelenting. In the latest deal, Deutsche Bank has hung the “for sale” sign up over Gran Vía Alicante. The German entity’s real estate division, RREEF, which has engaged the real estate consultancy firm JLL to sell this shopping centre, has already received several offers for the asset.

Whilst the operation has not been closed yet, one of the players lining itself up as a candidate to take over the shopping centre is the British fund Europa Capital.

Moreover, one of the other investors interested in the asset is a consortium formed by Eurofund Capital Partners and Patron Capital and Carmila, the real estate subsidiary owned by Carrefour, according to market sources, which value the asset at just over €50 million.

The centre has a retail surface area of 37,300 m2, however, that figure includes a hypermarket owned by Carrefour, measuring 17,050 m2, which falls outside of the perimeter of this transaction.

Specifically, the retail space for sale, which has a gross leasable area of more than 20,200 m2, contains around 80 stores distributed over three floors, as well as an underground car park with 1,600 spaces.

Tenants

The shopping centre, inaugurated in November 1998 and renovated in 2012, received almost 5.3 million visitors last year and has an occupancy rate of 95% of its gross leasable area.

The shopping centre’s main tenants include brands such as Primark, H&M, Lefties, Massimo Dutti, Pull & Bear, Juguettos, Calzedonia, Natura and Fosters Hollywood, amongst others.

Gran Vía de Alicante, located on Calle José García Sellés, competes with Plaza Mar 2, the largest shopping centre in the town, spanning 43,600 m2.

In addition, other nearby shopping centres include Parque Vistahermosa, measuring 34,000 m2, San Vicente Outlet Park, measuring 36,500 m2 and Puerta de Alicante, measuring 34,500 m2.

Investment

Shopping centres are one of the real estate assets that have sparked the most interest amongst investors in recent years.

In 2016 alone, more than €3,700 million was invested in this segment, which constituted the second largest market in the real estate sector after the office segment.

The main operations closed last year included the sale of Diagonal Mar (Barcelona), which was acquired by Deutsche Bank from Northwood in August for €495 million, and the sale of Gran Vía de Vigo, which the Socimi Lar España acquired from Oaktree for €145 million.

So far in 2017, another mega-operation has been closed with the British fund Intu’s acquiring the Xanadú shopping centre (Arroyomolinos, Madrid) for €530 million from Ivanhoé Cambridge.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Carmila Signed 437 Lease Operations In 2016

26 January 2017 – Cuatro

Carmila, the real estate subsidiary owned by Carrefour, has completed its third year of activity in Spain, during which time it has signed 437 commercial lease operations, according to a statement made by the company.

Specifically, the company led by Sebastián Palaciones signed 206 new operations corresponding to a gross leasable area (GLA) of 20,662 m2, and also secured the continuation of 231 strategic clients with contract renovations covering a total surface area of 22,655 m2.

Similarly, the firm, which has more than 1,100 specialty leasing contracts in its portfolio, confirmed the company’s commitment to this retail format, which includes the opening of stands, promotional events for leading brands and the innovative concept of pop-up stores, amongst other activities.

The most active regions in terms of rental space leased in 2016 were Andalucía, accounting for 27% of the operations signed, followed by the Community of Valencia (17%), Madrid (14%), Galicia (7%) and Castilla La Mancha (6%).

By retail sector, the largest share of surface area was leased to restaurants, with 45 new contracts, followed by fashion stores, with 25 contracts, whilst telephone companies were ranked in third place, with 20 contracts.

Carmila was constituted in April 2014 by Carrefour, which controls 42% of its capital, with the aim of generating value from the shopping centres located next to its hypermarkets. The other shares in the firm are owned by major institutional investors.

In Spain, the company owns 70 shopping centres, spread across 32 provinces in high-end strategic locations. Its assets are worth more than €1,000 million and the company also manages almost 2,500 stores and medium-sized outlets.

Original story: Cuatro

Translation: Carmel Drake