Following this acquisition, Nueva Condomina becomes the third largest asset in Klépierre’s Spanish portfolio in terms of net rental income. Covering approximately 110,000sq.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 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 €12.5million (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.
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. 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.