Tag: Nassica shopping centre

Deutsche AM Finances 51% of Neinver & TH RE’s Nassica Purchase

20 December 2016 – Cuatro

Deutsche Asset Management (AM) has granted a loan amounting to €71.5 million to the joint venture between TH Real Estate and Neinver to finance its acquisition of the Nassica shopping and leisure centre in Madrid, whereby contributing 51% of the €140 million that was disbursed for the transaction.

Deutsche AM reported that the financing will be provided through its senior debt real estate fund.

At the beginning of November, TH Real Estate and Neinver completed the purchase of the Nassica shopping centre from the private equity firm KKR for €140 million.

At the beginning of 2015, Neinver and TH Real Estate signed a strategic alliance to create a leading platform of outlet centres in Europe, in which they each hold a 50% stake and through which they own several assets, in addition to the complex located in Getafe.

Constructed in 2002 and located in Getafe, in the south of Madrid, Nassica has a surface area of 53,000 m2, which is divided into 44 spaces for retail, restaurants and leisure.

The property, which was completely renovated in 2015, has a high occupancy rate and a large variety of retail outlets, including a Carrefour, MediaMarkt and Toys R Us, as well as other domestic and international brands.

The shopping centre attracts 6.4 million visitors per year and is easy to access given its strategic location close to two major highways. Moreover, it is next to The Style Outlets, an important shopping centre, which is managed by Neinver. (…).

Recently, Deutsche’s real estate debt investment division completed the €57 million refinancing of a portfolio of investments in Mayfair, London, as well as a new €750 million mandate for a German institutional client.

Deutsche AM’s real estate debt business has a total volume of €2,000 million (as at 7 November 2016).

Original story: Cuatro

Translation: Carmel Drake

Neinver & Tiaa Acquire Six New Outlet Centres

24 November 2016 – Expansión

The Spanish real estate firm Neinver and the financial services firm Tiaa have signed an agreement to acquire six outlet centres in Europe, three of which are located in Spain.

Through their joint company, the firms have acquired a block of six outlets which Neinver has been managing and whose value amounts to €700 million. The funds belonged to the fund Irus European Retail Property Fund, in which Neinver holds a 25% stake.

The overseas outlets are located in Poland (Poznan) and Italy, specifically Castel Guelfo, close to Bolonia, and Vicolungo, located in the vicinity of Milan and Turin.

In Spain, the company has acquired Neinver’s three large outlets, located in San Sebastián de los Reyes, Las Rozas and Getafe. In addition, the alliance between Neinver and Tiaa has also finalised the purchase of the Nassica shopping centre, which they have purchased from KKR for €140 million.

Once this latest operation has been signed, which is expected to happen during the first quarter of 2017, the joint venture will have a gross asset value (GAV) of more than €1,200 million, making it one of the most important investors in commercial assets in the country.

At the beginning of 2015, Neinver and TH Real Estate (a subsidiary of Tiaa) signed a strategic alliance, in which they each hold a 50% stake, to create a leading platform for outlet centres in Europe. This joint company already owns three centres in Poland and one in France, as well as the Viladecans The Style Outlet, which opened recently in Barcelona.

Original story: Expansión (by R.Ruiz)

Translation: Carmel Drake

Neinver & TH Real Estate Buy Nassica Shopping Centre For €140M

8 November 2016 – Real Estate Press

TH Real Estate and Neinver have completed the purchase of the Nassica shopping centre from the private equity firm KKR for €140 million.

At the beginning of 2015, Neinver and TH Real Estate signed a strategic alliance to create a leading platform for outlet centres in Europe. Each company owns a 50% stake in the joint venture, which owns several assets in a portfolio that now also includes the complex located in Getafe (Madrid).

Nassica has a gross leasable area (GLA) of 50,200 m2 and 4,000 parking spaces. The centre receives twelve million visitors per year.

In this way, the joint venture between TH Real Estate and Neinver have acquired the complex in Getafe just two years after KKR purchased it for €100 million.

With operations in France, Germany, Italy, Poland, Portugal, Spain, The Netherlands and the Czech Republic, Neinver has consolidated its position in the European retail sector and now manages 24 centres, covering a GLA of 593,000 m2, housing almost 2,000 stores and more than 1,000 exclusive national and international brands.

Original story: Real Estate Press

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

KKR Gets Ready To Launch €525M RE Fund In Europe

3 May 2016 – El Economista

The US investment firm KKR is finalising its fundraising ahead of the launch of its new fund, which will focus on the real estate sector in Europe. To date, it has already managed to raise USD 598 million (€525 million).

The usual size of KKR’s investment vehicles ranges between USD 500 million and €1,000 million (approximately €439 million and €878 million), a range that the directors of the US firm hope to reach. The new fund’s key investors include Maine Public Employees Retirement System, which has contributed USD 50 million (€44 million) to the firm’s new vehicle.

Just like the other international investment companies, KKR decided to gradually diversify its portfolio of investments. In fact, its specialisation in the real estate sector culminated in 2011, when the US company created a team dedicated especially to that business segment. In the last year, KKR has strengthened its teams in the USA and Europe focused on the real estate sector.

Opportunities in Europe

In the words of one of the directors of KKR, Scott Nuttal, “We are seeing plenty of opportunities to invest in the real estate segment in Europe”. In fact, currently, the US investment firm owns several assets in France, the UK and Spain.

Its first foray into the property sector in France was made in September 2013, when it acquired an office building in the Paris region of River Plaza. A year later, it bought four shopping centres from Corio for €104 million.

In the UK, the US group’s first operation was the purchase of the three- and four-star hotel chain Queens Moat in 2012. During 2013 and 2014, KKR acquired a package of shopping centres located in Oxford, Glasgow, Sunderland and Birmingham.

In Spain, KKR acquired two shopping centres in September 2014: the Nassica in Madrid and Vista Alegre in Zamora. Those assets were previously owned by British Land and KKR spend €90 million on their purchase.

In the rest of the world, the US investment firm controls several assets distributed all over the world. Specifically, in the USA, it owns eight assets (three shopping centres, one residential development, offices and a portfolio of assets relating to the health sector). Moreover, it owns the World Trade Centre in Melbourne (Australia) and the K Tuin towers in Seoul (South Korea).

Original story: El Economista (by Araceli Muñoz and Rubén Esteller)

Translation: Carmel Drake