9 July 2015 – Info Bierzo
The Socimi Lar España has acquired the ‘El Rosal’ shopping centre in Ponferrada for €87.5 million, according to Spain’s National Securities Market Commission (CNMV).
According to Lar, El Rosal has a catchment area of more than 200,000 inhabitants and an occupancy rate of 92%. Moreover, its tenants include high profile brands such as Carrefour, Zara, C&A, H&M and Worten.
Lar has taken out a fifteen year loan with CaixaBank amounting to €87.3 million to finance the transaction. It is the second shopping centre that the Socimi has purchased this year, after it acquired ‘As Termas’ shopping centre in April for €67 million.
“We also note that this is the only shopping centre within a 100km radius, which broadens its appeal even further. The fact that Ponferrada and El Bierzo are surrounded by mountains and hills creates a unique catchment area, in which all roads lead to the town in (the province of) León”, says Miguel Pereda, Director at Lar.
The purchase of El Rosal is the largest transaction that Lar has carried out to date, as part of its strategy to acquire “shopping centres that are located in major catchment areas, with potential for growth and no sizeable shopping centres nearby”.
“The centre received more than 5.4 million visitors in 2014…”, says Pereda. Over the medium term, the real estate company plans to invest €3.4 million in operators and on the building.
With this transaction, Lar now has a total investment assets of €658.4 million, of which €368.4 million has been spent on the acquisition of 7 shopping centres, located in Lugo, Guipúzcoa, Palencia, Albacete, Barcelona and Alicante, and now Ponferrada.
The El Rosal complex opened in October 2007 and has a surface area of more than 151,000 m2 (retail space of 50,800 m2), as well as 2,450 parking spaces.
The British fund Doughty Hanson, which owned the shopping centre until Wednesday has sold 100% of the capital. The British firm sold the ‘Plaza Éboli‘ shopping centre, in Pinto, in June for a reported consideration of €30 million. It paid €120 million for the two shopping centres in El Bierzo and Madrid four years ago.
Original story: Info Bierzo
Translation: Carmel Drake