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

Neinver To Invest €80M In A New Shopping Outlet In Barcelona

9 April 2015 – Expansión

Construction work will begin on a new fashion outlet in Viladecans (Barcelona) in May. The project will require an investment of €80 million and will create around 600 direct jobs and up to 400 indirect jobs during its first phase.

The developers of the project, dubbed Viladecans The Style Outlets, are the real estate group Neinver, which specialises in shopping centres and outlets, and the fund manager TIAA Henderson Real Estate. The two companies signed an agreement in January to invest jointly (50% each) in projects such as the one in Viladecans. The plot where the future outlet will be constructed was acquired last December from Incasol (the Catalan Land Institute or Instituto Catalán del Suelo) for €24.5 million. Around 130 shops will be opened during the project’s two phases.

Original story: Expansión (by M. Anglés)

Translation: Carmel Drake