Tag: Media Markt

Lar Acquires Vistahermosa Shopping Centre For €42.5M

20 June 2016 – Efe Empresas

The real estate investment company LAR España Real Estate (LRE) has acquired the Vistahermosa shopping centre, in the province of Alicante, for €42.5 million, as reported to Spain’s National Securities Market Commission (CNMV).

The Vistahermosa shopping complex has a gross surface area of 33,550 sqm and is home to several high profile brands including Alcampo, Leroy Merlin and Media Markt.

The Chairman of Lar España, José Luis del Valle, highlighted that the purchase of the shopping centre “strengthens the quality of Lar’s portfolio” and increases its presence in the Mediterranean region, “one of the most attractive areas in Spain”.

Forecasts show that by the end of this year, the complex will receive 6 million visitors per annum.

Following the acquisition, the value of Lar España Real Estate’s assets amounts to €1,003 million, spread over ten autonomous regions. Of the total, €728 million relates to the acquisition of thirteen retail premises; €150 million to the purchase of four office buildings in Madrid and one in Barcelona; €70 million relates to four logistics assets in Guadalajara and one in Valencia; and €55 million corresponds to a residential asset in Madrid.

Original story: Efe Empresa

Translation: Carmel Drake

Northwood Puts Diagonal Mar Shopping Centre Up For Sale For €500M

9 May 2016 – Expansión

The US investment firm Northwood has put the Diagonal Mar shopping centre in Barcelona up for sale, for an estimated price of €500 million, according to sources close to the deal.

CBRE, the agency responsible for the management and leasing of the shopping centre since it was opened in 2001, has been appointed to manage the sale. Sources at the real estate consultancy declined to make any comment. The investment firm bought the shopping centre in May 2014 from a group of investors represented by Avestus Capital Partners, however that retained the asset management of the property.

Diagonal Mar – one of the largest shopping centres in Cataluña – covers a surface area of almost 88,000 sqm, including 27,100 sqm owned by Alcampo.

Opened in November 2001, the centre was designed by Jean-Louis Solal and the architect Robert A.M. Stern. Diagonal Mar is located in a prime position, situated approximately five kilometres to the north west of the city centre, in the 22@ district.

This centre has more than 200 stores dedicated to fashion, restaurants, leisure, a bowling alley and other services, as well as 4,800 parking spaces, provided free of charge for three hours.

Moreover, the shopping centre has an open air leisure and restaurant area, “La Terrassa del Mar”, which is open to customers, neighbours, employees from the office towers and tourists from nearby hotels in the area.

More than 3,000 jobs

Diagonal Mar received 16.7 million visitors last year, which represented an increase of 2.3% with respect to the previous year, and resulted in a 9% increase in sales during the period.

The centre owned by Northwood employs more than 3,000 people. The centre’s current tenants include Media Markt, Fnac, Primark, Zara, H&M and Cinesa, amongst others.
In addition, brands such as Revlon, Napapijri and the toy store Drim have opened shops in the centre within the last year.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Lar Buys 3 Stores In A Pamplonese Retail Park For €8.45M

27 July 2015 – Mis Locales

Savills, one of the leading international real estate consultancy firms has advised Värde Partners on the sale of three stores in the Parque Galaria retail park in Pamplona.

The most important operators in the province are located in this retail complex, which includes brands such as Media Markt, Leroy Merlin, Conforama and Kiaba, as well as the E.Leclerc hypermarket and the La Morea shopping centre, which is regarded as one of the 20 best shopping centres in Spain with tenants such as Primark, Zara, H&M, C&A, Cortefiel and a 12-screen cinema.

Salvador González, Head of Retail Investment at Savills, said that “this transaction forms part of Värde Partners’ strategy to divest its non-strategic assets, and also gives Grupo Lar the opportunity to increase its portfolio of retail premises, whereby raising its profil in the retail park sector”.

Original story: Mis Locales

Translation: Carmel Drake

French fund Klépierre Acquires Plenilunio For €375M

17 March 2015 – Cinco Días

The shopping centre in Madrid, which measures 70,000 square metres, is home to brands such as H&M, Primark and Media Markt.

The active market for the sale and purchase of shopping centres in Spain recorded another milestone yesterday. The French fund Klépierre announced the acquisition of the Plenilunio shopping centre in Madrid, from Orion Capital Managers for €375 million. The transaction had been in the pipeline for months and was expected to close during the first half of the year.

The Plenilunio shopping centre is located in Madrid and measures 70,000 square metres. It is home to brands such as Primark (where the Irish company has its largest store in Spain, although its flagship store on Gran Vía will take over that title when it opens later this year); Inditex, Mercadona, H&M, Mango and Media Markt.

The transaction announced yesterday is the second largest ever involving a shopping centre in Spain. The largest involved the sale of Puerto Venecia in Zaragoza. The investment fund Orion, which was also the vendor of Plenilunio, received €451 million from that sale. Through these two transactions, which have taken place within four months of each other, more than €820 million has changed hands in the sale and purchase of shopping centres. The third largest sale in Spain was also closed in 2014 involving the Marineda City shopping centre in La Coruña, which was sold for €260 million.

Plenilunio is the first large sale to be closed in 2015, after record figures were registered in the shopping centre real estate market in 2014 – total investment amounted to €2,500 million, according to data from the Spanish Shopping Centre Association (‘Asociación Española de Centros y Parques Comerciales’ or AECC). The organisation itself thinks repeating the volume recorded last year again this year will be challenging.

The sector’s trade association also highlighted the importance of contributions from overseas funds to ensuring that investment volumes in Spain are higher than their pre-crisis levels. The French firm that has acquired Pleniluno already has a presence in the country through the La Gavia and Príncipe Pío shopping centres in Madrid; Meridiano in Santa Cruz de Tenerife and Maremagnum in Barcelona.

Turnover of €21 million per year

The French investment group confirmed yesterday in a statement that it expects the Plenilunio shopping centre, which had an occupancy rate of 99.3% at the end of last year, to generate annual revenues of €21 million. Its turnover increased by 15% last year. The fund said it has “plans to differentiate” the property, which (it expects) will result in improved cash flows.

Klépierre reported that it had paid the €375 million consideration using its own funds. The group ended last year with liquidity of €2,700 million. Nevertheless, according to the statement, it does not rule out (the possibility of taking out) a mortgage loan (on the property). The company estimates that it has assets in Spain valued at €1,400 million. PwC advised Klépierre on the transaction and Cushman and Wakefield advised Orion.

The French group confirmed that Plenilunio is a “dominant shopping destination” in Madrid, with more than 10.5 million visitors per year and a catchment area of 1.5 million inhabitants. Its proximity to the centre of the city, its visibility from the main arteries (roads) into and out of the city and its good public transport links are the main attractive features for the company. It said that 14,000 homes are currently being built in the area, which in general has a purchasing power than is 30% higher than the Spanish average and where 33% of the population falls into the highest income bracket.

Original story: Cinco Días (by Diego Larrouy)

Translation: Carmel Drake

Media Markt to Have 46 Stores in Spain By 2024

3/12/2014 – Expansion

Media Markt wishes to grow in Spain. The technology and electric appliances chain belonging to German group Metro is going to open 46 establishments within six to ten years and reach 12o sales points. Spain is its Europe’s third main market, both in terms of number of shops and sales, just after Germany and Italy.

The chain strikes city centres due to limited expansion potential in the suburbs. Today, Media Markt will give first step in this direction by opening a new store in Madrid, at 106 Alcala street and inside the Goya high-street radius.

The property, former Benlliure cinemas (for some years also housing Eroski‘s library branch Abac), has 1.900 square meters of retail space, a little bit less than average shops of the German chain disposing of at least 2.800 square meters. However, the group expects bumper sales in that location.

Media Markt landed in the capital of Spain with its store inside complex Paseo de la Castellana 200.

Original article: Expansión (by C. G. Bolinches)

Translation: AURA REE

Media Markt to Invest in Spain & Open More Shops

28/01/2014 – Expansion / Cinco Días

After two lean years, German chain Media Markt managed to close 2013 fiscal year with gains. (…) “We have been growing since summer and some months were even marked by double-digits” – assures Ferran Reverter, the CEO of Media Markt in Spain.

By September, the company earned 1.541 million Euros from sales, 1.5% more. (…) Reverter believes that 2013 will be a turning point in the public consumption sector but it will not return to the golden times from before the crisis. “We are very cautious and for the next few years we predict a 3-4% recovery”.

Media Markt will advance in the new openings plan, from the 72 shops prospering now, up to 100-120 popped within seven years. Most of them will be situated in the centers of cities like Madrid (already existing shop at 200 Castellana Street), Barcelona and Bilbao. “In 2014, we will open two shops in the downtown and other in a shopping mall. Moreover, the shop in La Coruña, closed together with the Dolce Vita shopping center shutdown, will operate again”. The mean size of one shop will be of 2.000-2.500 square meters.

The CEO reminded about Media Markt´s 15th anniversary on the Spanish market celebrated this year. Firstly, the company´s top pick will be Barcelona, Valencia, Bilbao and Madrid.

Additionally, the chain is going to invest in online sales. (…).

Original articles: ExpansionPro, Cinco Días

Translation: AURA REE