Hermes Acquires 3,345 m2 in Puerto Venecia & Prepares its Third Fund

10 July 2018 – Eje Prime

Hermes Properties is adding a new asset to its portfolio. The investment vehicle, which specialises in commercial projects, has purchased 3,345 m2 of the Puerto Venecia shopping centre, owned by Intu, which it will lease to the hamburger chain Carl’s Jr and to the service station chain Gasexpress.

With this purchase, Hermes has completed a €14 million investment across three operations, in the El Puente shopping centre in Rojales (Alicante); in commercial plots in Isla Azul, in Madrid; and this latest deal in Puerto Venecia, in Zaragoza.

The manager’s purchase in Madrid, of plots spanning a surface area of 4,000 m2, which used to be owned by Sareb, involved the disbursement of €4 million. The operations have been undertaken through Hermes’ second investment vehicle, Hermes II. The manager, owned by Delta Asesores and the consultancy firm InmoKing Real Estate, is now preparing a new program of investments to generate the vehicle Hermes III.

Original story: Eje Prime

Translation: Carmel Drake

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