Tag: Toys R Us

Ores Acquires Millenium Retail Park in Madrid for €31M

20 July 2018 – Eje Prime

Ores is still on its shopping spree in Spain. The Socimi owned by Bankinter and Sonae Sierra has acquired the Millenium retail park in Madrid from the property developer Procinco for €31 million. The investment reinforces the new asset purchase plan that is being developed by the company, the most active of the entities listed on the Alternative Investment Market (MAB) so far this year.

Millenium is a commercial complex located in El Carralero, within the municipality of Majadahonda, which was inaugurated in 2002. It has a gross leasable area of 11,353 m2 and its tenants include Media Markt, Aldi and Toys’r’us. Savills Aguirre Newman and JLL have advised Procinco on the sale.

“This operation demonstrates the high degree of interest from institutional investors in retail parks in Spain”, says Salvador González, National Director of Capital Markets at Savills Aguirre Newman.

In June, Ores purchased a package of four retail premises from Inditex for €12.5 million. With these latest operations, the Socimi is continuing with its new growth phase, which is going to be financed with a €140 million loan. With that financial injection, the group is going to undertake new real estate acquisitions in Spain and Portugal.

Original story: Eje Prime

Translation: Carmel Drake

Lar España Buys Rivas Futura Shopping Centre for €62M

6 February 2018 – Expansión

The Socimi in which Pimco holds a stake has purchased the Rivas Futura shopping complex, in the Madrilenian town of the same name, for €62 million.

Lar España has completed its first investment of 2018. The Socimi, whose largest shareholder is the fund manager Pimco, has completed the purchase of the Rivas Futura shopping complex, located in the Madrilenian town of Rivas.

Inaugurated in 2016, this complex was promoted by the real estate firm Avantis, and became a reference in Madrid, with a surface area spanning more than 55,000 m2 and first-class tenants such as Media Markt, Conforama and Toys R Us. Next to the retail park, the same real estate firm constructed a large office complex and a shopping centre called H2Ocio. Recently, that shopping centre also changed hands, with the manager CBRE Global Investors acquiring 70% of the property.

In 2008, Avantis’ liquidity problems meant that it had to find a new owner for the complex. The real estate subsidiary of Axa spent €81 million to buy the centre at that time. Years later, the fund Lone Star was awarded the park as part of Project Octopus, formed by loans from the German bank Eurohypo.

Now, the Socimi managed by the real estate group Lar has become its new owner, after paying €61.6 million to the most recent owner: Credit Suisse.

With this new investment, Lar España has become the largest operator of retail parks in Spain, with more than 150,000 m2 in its portfolio. Its flagship assets include the Megapark complex in Barakaldo, where the Socimi owns both the Megapark shopping centre and the factory outlet (acquired for €170 million), as well as the leisure area; that operation was closed at the end of October.

This purchase also represents the first acquisition of a commercial asset by the Socimi in Madrid, where it already owns a luxury housing development, Lagasca 99, as well as two office buildings. At the end of last year, Lar España put its office portfolio, comprising four assets and worth €170 million, up for sale. Since then, it has sold two of the assets, both located in Madrid and both sold to the same buyer: the real estate firm Colonial.

During the first nine months of 2017, Lar España generated profits of €72.2 million, up by 55% compared to a year earlier, after earning €57.2 million, up by 36%.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

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

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