Tag: Carrefour

KKR & Neinver Finalise Sale Of Nassica Shopping Centre

8 August 2016 – Expansión

The US investment firm KKR and the real estate company Neinver are finalising the sale of the Nassica shopping centre, located in the Madrilenian town of Getafe, to TIAA Henderson Real Estate.

The price of the transaction, advised by the real estate consultancy Knight Frank, is expected to exceed €100 million.

The transaction is expected to be completed soon, after the due diligence process has been completed. TIAA Henderson also currently owns another Madrilenian shopping centre, Isla Azul.

Nassica, which receives more than 12 million visitors per year, has a gross leasable area (GLA) of 50,200 sqm and 4,000 parking spaces.

The centre includes a 10,700 sqm Carrefour hypermarket. The retail offering is completed by brands such as Conforama, Décimas, Merkal, Toys ‘R’ Us, Worten and Kiwoko. In addition, the site has a The Style Outlets centre with a surface area of almost 21,000 sqm.

In addition, Nassica has a 20-screen cinema, with more than 5,000 seats, as well as an area dedicated to leisure with more than 25 restaurants.

KKR, which created a joint venture with the real estate company Neinver in 2014 to acquire Nassica, will sell the property just two years after it bought it. At the time, the investment fund and the Spanish operator bought the Nassica and Vista Alegre shopping centres, both from the Pillar Retail European Fund, whose majority shareholder is British Land, for around €90 million.

Constructed by Neinver in 2002, the Nassica shopping and leisure centre underwent a makeover in 2015 to renovate and modernise its facilities. The renovation included both the decor of the property as well as changes to the shopping centre’s common areas. In this way, for example, the paving and façade were refurbished and new recreation areas and green spaces were created, and the terraces were made more accessible.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Axiare Buys Four Retail Outlets In Almería For €20M

19 April 2016 – Valencia Plaza

Axiare Patrimonio has purchased four retail outlets in the Viapark retail park, located between Almería and Roquetas de Mar, for €20 million, according to a statement made by the Socimi to Spain’s National Securities Market Commission (CNMV) on Monday.

These four outlets, which have a combined gross leasable surface area of 15,745 m2 and more than a thousand parking spaces are leased in their entirety to Decathlon, Carrefour, Bricomart and Kiabi.

The Socimi has highlighted that these retail spaces have “excellent” visibility, are easily accessible from the A7, the Mediterranean Highway, and are located in an area of “limited” competition, which comprises a population of approximately 385,000 inhabitants, which increases during the holiday season.

The CEO of Axiare, Luis López Herrera-Oria, highlighted that, with this operation, the company is strengthening its presence in the retail outlet segment and is continuing to pursue its strategy focusing on offices.

Following this acquisition, the total investments made by Axiare increase to almost €900 million, with a portfolio of 31 assets in the Spanish real estate sector. 72% of the properties in its portfolio are offices, 14% are logistics platforms and 14% are primarily retail outlets.

For this operation, Axiare has been advised by Aguirre Newman for commercial matters and Gómez-Acebo & Pombo, Malcolm Hollis and Cushman & Wakefield in the due diligence process, meanwhile, Solvia has managed the sale of the properties on behalf of one of its clients.

Original story: Valencia Plaza

Translation: Carmel Drake

JLL: Shopping Centre Investment Reaches Record High

7 October 2015 – Cinco Días

Real estate investment in the retail sector is breaking records, reaching levels above even those seen before the crisis. Total investment volumes amounted to €2,588 million during the first nine months of the year, an increase of 42% with respect to the same period last year, according to data from the real estate consultancy JLL.

The worst year of the crisis for this segment was 2011, when investors spent just €500 million in Spain during the whole year. At the other end of the spectrum, 2007 was the best year in terms of transaction volumes, which totalled almost €4,000 million.

During the last three quarters, 486 assets have been acquired in total through 46 operations, the majority of which have involved the purchase of shopping centres and prime retail parks (i.e. the largest assets in the best locations).

The star product for investors, by transaction volume, are shopping centres, which account for 52% of all sales. After these purchases, are their interest in individual shops (23%).

In Q3, the most noteworthy operations included the acquisitions made by Grupo Lar, which recently purchased the MegaPark de Barakaldo shopping centre for €170 million, in an operation that was advised by JLL, as well as the El Rosal shopping centre for €87.5 million. In addition, the Rivas Futura shopping centre was sold to Credit Suisse for €52 million and the Connecta Córdoba park was sold to MDSR Investments for €15.3 million.

Another highlight was the transactions involving two supermarket portfolios: the Caprabo Blue Box portfolio, which was sold to Meridia Capital for €97 million; and a group of Carrefour and Día supermarkets, which were purchased by Kennedy Wilson for €88 million.

Original story: Cinco Días (by A.S.)

Translation: Carmel Drake

Klépierre Is Willing To Invest Another €400M In Spain

16 July 2015 – Expansión

Some “very exciting” years. That is how Luis Pires, the Portuguese CEO of Klépierre’s Spanish division, defines his six years in office.

During this period, the French company, which specialises in shopping centres, has undergone a profound transformation to become one of the leading players in the sector, with 19 properties across the country. “For Klépierre, Spain is a natural market. We entered in the year 2000 with the acquisition of Carrefour’s shopping centres. Now we are very established, with more than a hundred employees and some very dynamic assets. We want to continue growing”, said Pires.

At the end of 2013, Klépierre sold the 126 shopping centres it had bought to Carrefour for €1,900 million; 63 were located in Spain. (…).

In recent years, Klépierre has closed large operations that have converted it into the largest shopping centre specialist in Europe, with assets worth €21,000 million.

Merger with Corio

Last January, following the divestment of those stores, Klépierre purchased one of its competitors, Corio, after launching a takeover bid in October 2014 for €7,200 million. As a result of the fusion of the two groups, the French real estate company became the leader of the real estate sector in Europe, with 178 shopping centres. (…).

The integration also affected Spain, where Klépierre started to manage other new properties, including Príncipe Pío in Madrid and Maremagnum in Barcelona. (…).

The firm’s most recent major transaction in Spain, the purchase of Plenilunio from Orion for €375 million (…), fits perfectly within its strategy to back high profile shopping centres. Following that purchase, Klépierre’s portfolio of retail properties in Spain now comprises 19 premises. And that figure could rise soon.

“We want to expand our presence in Spain. The group is happy with the results in the country and we see potential for growth. If a multi-million euro opportunity presents itself tomorrow, we will go for it, and if we need to invest another €400 million in Spain, then we will”. (…).

During the first half of 2014, sales at its properties in Spain grew by 6.38% on average, with an increase of 9.05% at La Gavia, in Madrid; 10.85% at Nueva Condomina in Murcia; and 9.87% at Ruta de la Plata, in Cáceres.

During the first quarter of 2015, Klépierre recorded revenues of €320.1 million, of which €17.3 million was generated by its Spanish portfolio.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

IDI Gazeley to Build Logistics Hub For Carrefour in Madrid

24/10/2014 – Cinco Dias

IDI Gazeley, belonging to fund Brookfield Property Partners, returns to investing in Spain. The company is going to spend around €23 million on construction of a new logistics hub in Madrid’s nearby Torrejon de Ardoz for distribution king Carrefour.

The firm said the warehouse will stand on a 43.000 square meter plot and it will constitute a hub specialized in storage of chilled and frozen food with aplication of the state-of-the-art technology.

The distribution warehouse will be situated within the borders of the Poligono Casablanca prime industrial area, 22 kilometers away from the center of Madrid. Senior vice-president of IDI, Jose de la Calle Campos, claims ‘the location is spectacular for development of logistics hubs’. In fact, the company has recently built a warehouse for H&M in the same industrial spot.

Logistics director at Carrefour, Antonio Aguilar, assured that ‘the investment will allow better response to necessities of the customers’.

IDI Gazeley has built six logistics hubs in Spain so far. Apart from the one for H&M, also it raised a warehouse in Zaragoza, another in Alovera (Guadalajara) for DHL, three more in Lugo for Carrefour, in Ontigola (Toledo) for Ceva Logistics and in San Agustin de Guadalix (Madrid) for supermarket chain Eroski. In total, their area spreads over 170.000 square meters.

 

Original article: Cinco Días (by Marimar Jimenez)

Translation: AURA REE

Klépierre Earns 18% Less In Spain On The Renting Of Its Shopping Centres In The First Half

08/08/2014 – Europa Press

The group as a whole earns €702 million in the first six months, 18 times more than in the prior period.

Klépierre, a Company dedicated to shopping centres, retail and offices, has earned 24.2 million euros in the first half of 2014 from the rental income of its shopping centres in Spain, 18% less than the 29.5 million euros in the same period in 2013.

According to a company statement, this decrease is a consequence of the sale of a portfolio of 63 shopping centres in Spain to Carrefour, a transaction which was completed last April.

Nevertheless, the company points out that in Spain, the net income per lease increased 3,5% in like for like terms, boosted by the trends in Madrid’s La Gavia shopping centre and the Meridiano centre in Tenerife, which benefitted from the opening of a Primark store in February.

Furthermore, the Company underlines that the economic outlook has become positive in all the countries in which it operates, including Spain and Italy, which are emerging from their respective recessions.

In Spain, it highlights that sales in shopping centres have shown a “consistent” improvement since the beginning of the year, which led to an increase in sales of 3% in the first five months of the year, thanks to the boost of the shopping centres of La Gavia(+4.9%) and Meridiano (+10.3%).

Meanwhile, the total revenue of the group in Spain in the first six months of the year was 28,4 million euros, which represents a decrease of 20,4% compared with the 35,7 million euros of a year ago.

The group earns 18 times more.

As for the group as a whole, it had a net profit of 702,8 million euros in the first six months of the year, which represents 18 times more than the 39 million euros which it earned in the same period of the prior year.

The net income from the group’s leases reached 398,7 million euros, a decrease of 4,8% compared with the 418,7 million euros a year ago.

The president of Klépierre, Laurent Morel, stressed that the company has recorded “solid” results in the first half, thanks to its strong leasing activity and the operating efficiencies in all of its regions. “Klépierre has clearly emerged much stronger from the recent thorough restructuring of its portfolio”, he added.

Original article: Europa Press
Translation: Aura REE

Carrefour – Real Estate Mega Transaction

(…) Carrefour Property has finalized sales of about a hundred of business premises, practically half of which is situated in Spain. The rest is divided between France and Italy. Carrefour´s real estate branch will pay the French group Klépierre (the Europe´s second shopping center operator) between 1.700 and 2.000 million Euros for the assets, according to the sources close to the operation.

The purchase will make Carrefour Property the second greatest owner of shopping centers in Europe, giving way only to the French-Dutch giant, Unibail Rodamco.

New Owner

The decision to sell the 127 properties was made in less than a year after Klépierre had bought them from a Northern American giant Simon Property. In 2012, French bank BNP Paribas transferred 28.7% of the shopping center company for 1.524 million Euros. The new owner is specialised in development and management of shopping malls. (…)

The operation will entirely affect Klépierre´s Spanish portfolio. Before the agreement, the French group owned 76 assets, scattered in all provinces of Spain. Most of them are shopping arcades (areas of smaller space than a shooping center, where the majority of space is occupied by super- or hipermarket) with average of 20.000 square meters.

Klépierre has got centers of this type in Las Rozas, Alcobendas, San Sebastián de los Reyes (Madrid) and in La Coruña. Among those of larger size, Los Prados in Oviedo and Augusta in Zaragoza are to highlight. Moreover, the French giant owns shopping centers like La Gavia in Madrid or Meridiano on Gran Canaria.

40 Shopping Arcades

(…) In the startup package offered to Carrefour, Klépierre included 40 shopping arcades and 5 large shopping centers, like Augusta. The company´s aim is to focus on big complexes, however it has decided to attach some of its real estate jewels in the country to make the package offer more attractive and earn better assessment on Carrefour´s side.

(…) During the first 9 months of 2013, Klépierre invested 53.5 million Euros in rent of its property, 4.3% less on like-on-like basis than last year. The occupancy rates of its centers and arcades overcome 90%. On the global level, its sales figure was equal to 813.8 millions, 13.8% more than 749.1 millions flowing from the rents.

Klépierre´s patrimony scattered in 13 European countries has been estimated at 16.200 million Euros on June 30th.

European Giant

Carrefour Property was set up in 2008. (…) It is present in France, Spain and Italy (…). Totally, its assets are valued at 10.200 million Euros. In Spain it appeared in 2009, owning about 100 centers valued at 3.000 millions. Its last 2 projects are Holea shopping center in Huelva and As Cancelas in Santiago.

This is not the first business that Carrfour and Klépierre did together. In September 2011, they exchanged 6 properties in Spain. Precisely, Carrefour Property bought a shopping arcade of Carrefour hipermarket of Huelva while Klépierre acquired various comercial areas and construction rights in La Gavia (Vallecas-Madrid), San Juan de Aznalfarache (Seville) and in Elche, where it bought 3 medium size areas.

Source: Expansión