KLÉPIERRE ACQUIRES NUEVA CONDOMINA, THE LEADING RETAIL HUB IN MURCIA AREA, SPAIN
22 Mai 2017 - 5:45PM
PRESS RELEASE
KLÉPIERRE ACQUIRES
NUEVA CONDOMINA,
the leading retail hub
in MURCIA AREA, SPAIN
Paris - May 22, 2017
Klépierre, the leading pure play shopping center property company
in Europe, announced today that it has acquired Nueva Condomina,
the leading shopping mall in the region of Murcia, Spain, for a
property value of €233 million (including duties). Following
this acquisition, Nueva Condomina becomes the third largest asset
in Klépierre's Spanish portfolio in terms of net rental income.
Covering approximately
110,000 sq.m. (a 73,000 sq.m. shopping center and
37,000 sq.m. retail park) Nueva Condomina boasts an
exceptional mix of 178 shops. In 2016, it attracted nearly 11
million visitors and generated €257 million[1] in
retailer sales.
Klépierre purchased 100% of the shares of the Spanish entity that
directly owns Nueva Condomina from a subsidiary of BNP Paribas
Fortis SA/NV. Klépierre financed the acquisition through available
credit lines.
Based on current annualized net rental income (NRI) of €12.5
million (80% shopping center; 20% retail park), the EPRA net
initial yield amounts to 5.4%. Klépierre has been managing the
entire retail site since 2012, and has already identified asset
management and leasing initiatives which should result in an 18%
uplift in annualized NRI by 2019.[2]
A more detailed presentation of the acquisition is available on
Klépierre's website.
THE LEADING MALL IN THE MURCIA REGION
After Plenilunio in Madrid (March
2015) and Oslo City (December 2015), this new acquisition reflects
Klépierre's strategy of focusing on retailers' must-have
destinations with high rental growth potential.
Nueva Condomina is the leading retail destination in the entire
region around Murcia, Spain's 7th largest city. The mall is
strategically located in a catchment area of 800,000 people. It is
well connected to road networks as well as to public transportation
facilities, such as a dedicated tramway stop and two direct bus
lines connecting the Murcia City Center. The region also benefits
from increasing tourist traffic (1 million in 2016). This
translates into a higher basket at Nueva Condomina than the average
of Klépierre's Spanish portfolio.
Opened in 2006, Nueva Condomina is a recently developed shopping
mall with a good architectural design. Its pleasant look-and-feel
was further enhanced in 2014, thanks to a refurbishment (entrances,
mall corridors, food court, outdoor signage, etc.).
The mall is anchored by the largest Primark store
(5,306 sq.m.) on Spain's Southern Mediterranean coast, the
only Apple store in the region, as well as a 2,350 sq.m. H&M.
The entire Inditex Group galaxy of brands - Zara, Bershka, Massimo
Dutti, Lefties, Oysho, Stradivarius, Zara Home and Zara Kids - is
also in the mall. In autumn 2017, the main Zara store's extension
from 1,912 sq.m. to 3,400 sq.m. is scheduled to open.
Together with Mango, C&A and New Yorker, these brands position
Nueva Condomina as the leading fashion destination in the Murcia
area. Other anchors include Fnac and a 15-screen Cinesa movie
theater (more than 500,000 tickets per year).
The 178 shops are organized over two levels with an efficient and
smooth layout. A 5,700-car parking facility is connected to the
mall and the retail park, which is anchored by Leroy Merlin,
MediaMarkt and Maisons du Monde (opened in May 2016).
STRONG VALUE CREATION POTENTIAL
In 2012, Klépierre Management
España was appointed leasing and property manager of Nueva
Condomina. Since then, retailer sales[3] and
footfall have grown respectively by 35% and 15%. In the coming
years, Klépierre will further implement its Retail Only®
operational strategy to accelerate re-tenanting and optimize
occupancy to ultimately enhance value creation. The occupancy rate
is expected to increase to 90% by
year-end 2017 (vs 85% in April 2017) and Klépierre is confident in
its ability to capture high levels of reversion, since occupancy
cost ratios are below the average of its current portfolio in Spain
(9.3% vs 13.5%).[4] Given the
lease expiration schedule, most of renewals and potential
re-letting will take place after 2019.
By 2019[5], these new
asset management and leasing initiatives should lead to an 18% net
rental income increase.
Pictures available
on demand
AGENDA |
|
July 25, 2017
|
First-Half 2017 Earnings (press release after market
close)
|
INVESTOR RELATIONS CONTACTS |
MEDIA
CONTACTS |
Hubert d'AILLIÈRES
+33 (0)1 40 67 51 37 -
hubert.daillieres@klepierre.com
Julien ROUCH
+33 (0)1 40 67 53 08 - julien.rouch@klepierre.com
|
Lorie LICHTLEN, Burson-Marsteller i&e
+33 (0)1 56 03 13 01 - lorie.lichtlen@bm.com
Camille PETIT, Burson-Marsteller
i&e
+33 (0)1 56 03 12 98 - camille.petit@bm.com |
ABOUT KLÉPIERRE
The leading pure play shopping
center property company in Europe, Klépierre combines development,
property and asset management skills. The company's portfolio is
valued at €22.8 billion at December 31, 2016 and comprises large
shopping centers in 16 countries in Continental Europe which
altogether welcome 1.1 billion visitors per year. Klépierre holds a
controlling stake in Steen & Strøm (56.1%), Scandinavia's
number one shopping center owner and manager. Klépierre is a French
REIT (SIIC) listed on Euronext Paris and included in the CAC Next
20, EPRA Euro Zone and GPR 250 indexes. It is also included in
ethical indexes, such as DJSI World and Europe, FTSE4Good, STOXX®
Global ESG Leaders, Euronext Vigeo France 20 and World 120,
and is ranked as a Green Star by GRESB (Global Real Estate
Sustainability Benchmark). These distinctions underscore the
Group's commitment to a proactive sustainable development
policy.
For more information: www.klepierre.com
This press release and the Nueva
Condomina power point presentation are available on Klépierre's
website: www.klepierre.com
[1] Including
sales estimates for Apple, Primark, Cinesa and Leroy Merlin.
[2] 2019
targeted NRI vs current annualized NRI as of April 30, 2017.
[3] Change
excluding Primark and Apple sales, which do not report sales.
[4] Occupancy
cost ratios (OCR) excluding Primark and Apple, for which sales
figures are not available. Average portfolio OCR is for Iberia as
of year-end 2016.
[5] 2019
targeted NRI vs current annualized NRI as of April 30, 2017.
PR_KLEPIERRE_ACQUISITION_NUEVA_CONDOMINIA_UK_VF
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Klépierre via Globenewswire
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