Klépierre signed an agreement to acquire 100% of Plenilunio from an entity 100% indirectly owned by the Orion European Real Estate Fund III C.V., a real estate fund sponsored by Orion Capital Managers.
Pleniliunio is a leading 70 000 m² shopping center located in Madrid. With a large and updated fashion offer, high quality architecture and a prime location, Plenilunio is one of the major shopping center in the region around Madrid where Klépierre already owns two of the most prominent shopping malls: La Gavia (Southeast Madrid) and Principe Pio (Madrid center). This acquisition complements Klépierre’s existing retail platform in Spain and enhances its Spanish portfolio profile. This investment is consistent with the strategy to focus investments on leading retail assets in the most growing regions of Continental Europe.
Opened in 2006 and strategically located 11 km east of the city center of Madrid – Europe’s third largest city – Plenilunio welcomes 10.5 million visitors annually. This shopping destination addresses retail demand of a large and affluent catchment area of 1.5 million inhabitants within a 15-minute drive. At the crossroads of busy motorways - one going to Barcelona and the other coming from the Madrid Barajas International airport -, it enjoys very good visibility from Madrid’s major ring roads.
With a 99.3% financial occupancy rate as of December 2014, Plenilunio delivers strong growth, with retailer sales up by 15% in 2014 compared to the previous year. It brings together a large and updated fashion offer as well as a top supermarket within a space of high architectural quality. The shopping mall extends over 70.000 m² GLA on 3 levels, with a comprehensive retail offer of 230 shops.