Americas > North America > Canada > Spain Shopping Center Sold for €162 million

Canada: Spain Shopping Center Sold for €162 million

2013/10/08

A joint venture between UK-based mall owner Intu Properties (Intu) and Canada Pension Plan Investment Board (CPPIB) has purchased Parque Principado Shopping Centre, a 75,000-square-meter retail center in Oviedo, northern Spain for €162 million ($219.7 million) before transaction costs.

Intu will assume the investment management of the property. Next the purchase, the investors intend to fasten bank financing of approximately 50 % of the property price, according to an announcement from Intu. Based on net gain of €11.7 million, the implied net initial yield at the purchase price is 7.2 %, the company said.

"The opportunity to acquire Parque Principado, a top 10 center in Spain, on attractive and earnings accretive terms firmly establishes our presence on the ground in a country where we see considerable increase opportunities in the regional shopping center industry," David Fischel, chief executive of Intu, said in the release.

The single-story, Parque Principado opened in 2001 and includes 156 retail units. It is anchored by Primark, Zara, H&M, Cortefiel, C&A, Mango and an Eroski hypermarket. It features 20 % of catering and leisure space, a 12-screen cinema and 20 restaurants.

The center has a 97 % occupancy rate with an average unexpired lease term of six years, Intu said. - See additional at: http://www.worldpropertychannel.com/featured-columnists/done-deals/parqu... -board-shopping-center-retail-center-oviedo-7459.php#sthash.pd2aSjpS.dpuf

Related Articles

UNWTO: International tourism – strongest half-year results since 2010
2017/09/09 Destinations worldwide welcomed 598 million international tourists in the initial six months of 2017, some 36 million additional than in the same period of 2016. At 6%, increase was well above the trend of recent years, making the current January-June period the strongest half-year since 2010. Visitor numbers reported by destinations around the world reflect strong request for international travel in the initial half of 2017, according to the new UNWTO World Tourism Barometer. Worldwide, international tourist arrivals (overnight visitors) increased by 6% compared to the same six-month period last year, well above the sustained and consistent trend of 4% or higher increase since 2010. This represents the strongest half-year in seven years.
Equifax says hack potentially exposed details of 143 million consumers
2017/09/08 Equifax Inc (EFX.N), a provider of consumer credit scores, said personal details of as a lot of as 143 million U.S. consumers were accessed by hackers between mid-May and July, in what could be one of the major data breaches in the United States. The company’s shares were down 8.7 % at $134.16 in next-market trading on Thursday. The details accessed included names, social security numbers, and, in some cases, driver’s license numbers, Equifax said.
U.S. trade rep says in NAFTA talks he keeps Trump's views in mind
2017/09/06 U.S. Trade Representative Robert Lighthizer said on Tuesday that he and President Donald Trump are in full agreement on the NAFTA trade pact’s problems and believes that Trump will support any final modernization transaction that he negotiates. Next closing out five days of talks in Mexico City, Lighthizer said that he considers Trump’s views in each decision he makes in negotiations over the North American Free Trade Agreement.
Why Mexico, Canada can discount Trump’s remarks on NAFTA?
2017/08/26 Mexico and Canada may discount US President Donald Trump’s remarks about the country’s withdrawal from the North American Free Trade Agreement (NAFTA), Russell A. Green, Will Clayton Fellow in International Economics at Rice University's Baker Institute (Houston) told Trend. "Trump’s threat to withdraw completely from NAFTA should be taken seriously. Nonetheless, there are reasons Mexico and Canada may discount his remarks. Initial, the remarks came during a political rally and may have been directed additional at supporters than the negotiations. Second, there is very little support for withdrawing from NAFTA in Congress, so Trump risks further alienating significant portions of his own party. Third, some legal scholars have offered that the president does not even have the power to do so. While foreign policy treaties like alliances may be canceled by the president autonomously, trade treaties are not the same. They fall under the Commerce Clause in the US Constitution, which stipulates that Congress has authority," the expert explained.
Brazil' Gov't Calls For WTO Panel Against Canadian Subsidies To Bombardier
2017/08/22 The Brazilian government will request that the World Trade Organization's (WTO) Dispute Settlement Body to set up a panel to discuss the case against Canada related to subsidies given by the North American country to the aviation sector, benefiting Bombardier's C-Series program, which competes with Brazil's Embraer. The WTO will be requested to examine additional than 20 programs of subsidies granted by Canada to the aviation sector of the country due or not instantly related to the development of the new Bombardier family of aircraft in the context of the C-Series program. The Brazilian government questions if the subsidies are compatible with WTO rules.