Carmila buys €180m Spanish shopping centre portfolio

Carrefour's property arm Carmila has announced the acquisition of six shopping centres in Spain from the Pradera European Retail Fund for a total of €182 mln.

The deal reflects a net yield of 6.3%, the company said in a statement.

The properties, which are all located adjacent to Carrefour hypermarkets are located in the Andalusian region (La Sierra in Córdoba, Aljarafe in Seville and El Paseo in Puerto de Santa María near Cadiz), in the Catalunian region (Terrassa and Manresa in Barcelona) and San Juan in Alicante. They boast an average occupancy of just over 95%.

'This portfolio offers an important value-add potential in terms of rental increases over the next three to five years,' commented CEO Jacques Ehrmann. 

The purchase was financed through the €350 mln bond issue carried out earlier this year. It adds to the acquisition in February 2018 of  Gran Vía de Hortaleza and brings the Spanish portfolio to over 63,000 m2.

Carmila owns over 210 shopping centres in France, Italy and Spain, valued at nearly €6 bn.

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