The French real estate company Klépierre announced today the purchase from the Orion Capital Managers investment fund of the Plenilunio shopping center in Madrid, for a gross value of 375 million euros for 100% of the capital.
Klépierre explained, in a statement, that he expects the acquisition of this 70,000-square-meter shopping complex, which must be completed before the end of March and which he will finance with his own funds (its liquidity level is 2,700 million euros), report 21 million euros of annual gross income.
In addition, it has identified “a number of commercial and management actions” that will allow the generation of additional cash flows and “accelerate the differentiation of Plenilunio”.
The new owner highlighted that this shopping center, opened in 2006 and “strategically” located 11 kilometers east of the center of Madrid, had a financial occupancy rate of 99.3% as of December 31, thanks to an increase 15% of the turnover of its businesses in 2014.
In this regard, he noted that in May, Primark expanded its commercial presence to 6,700 square meters, with which the Plenilunio store has become the chain’s largest store in Spain, and that the main brands of the Inditex group have opened shops there , and that among other chains, Mercadona, H&M, Mango, Desigual, C&AS, Cortefiel, Sfera or the Yelmo cinemas are also there.
Klépierre already had two other shopping centers in Madrid, Gavia in the south of the city and Principe Pío in the centre, as well as Meridiano in Tenerife and Mare Magnum in Barcelona.
In total, with the purchase of Plenilunio, its portfolio in Spain will come to represent 1,400 million euros of assets.
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