The properties acquired are in operation under lease agreements signed with more than 55 leading operators. In addition, the seller’s liability under the aforementioned sale and purchase has been structured through the subscription of an R&W insurance policy.
The shopping centre enjoys an important leadership position in its catchment area, as well as a leisure offer with a cinema complex, which attracts a significant number of visitors (5.8 million visitors per year). According to Carmila, its sale price of €24.6 million, duties included, offers significant value creation potential for the company.
This transaction is part of the asset rotation programme announced at the Capital Markets Day in December 2021 and follows the announcement of the signing of an agreement for the disposal of a portfolio of six assets located in France. This allows Carmila to put into practice its expertise in the renovation and revitalisation of the retail mix in this type of assets.
Carmila’s portfolio in Spain consisted of 78 assets at the end of 2021, valued at €1.4 billion, including two shopping centres in Malaga, one of the country’s most dynamic cities and a world reference for tourism.
In the words of Marie Cheval, Chairman and CEO, “Carmila is taking a new step in its asset rotation strategy announced in December 2021. Following the agreement on the disposal of a portfolio of mature assets in France, Carmila is buying a high-potential shopping centre in Malaga on good terms.”
According to information published on brainsre.news, the seller was the joint venture Hispania Retail Property, formed by Grupo Lar, the American hedge fund Baupost and the British asset manager Greenoak. The transaction has been off market, in a direct negotiation between buyer and seller, as informed by the same media.
Gómez-Acebo & Pombo´s team was made up of Real Estate of counsel Natalia Lastres, Real Estate senior associate Marta González-Llera and paralegal Javier Marroquín.