Rodamco Europe N.V. has signed a purchase agreement to acquire 50% of shopping center Südpark in Klagenfurt, Austria. The total investment is around €34.5 million and reflects a net initial yield of 5.8%.
Südpark, with 22,700 m² GLA, is a strong regional shopping center with a broad catchment area in the South of Austria. Anchor tenants include Hennes & Mauritz, C&A and Merkur supermarket. Rodamco Europe and the 50% co-owner, the successful Austrian entrepreneur Mr. Pletzer, will form a 50/ 50 partnership whereby Rodamco Europe will take over the center management. After receiving approval from the Austrian Anti-trust authorities, the transfer of ownership is expected in Q4 2007. In Austria Rodamco Europe already owns 90% of
Donauzentrum in Vienna, one of the largest most dominant shopping centers in Austria.
Maarten Hulshoff, CEO of Rodamco Europe: "This acquisition of a strong local shopping center with a good tenant mix and a broad catchment area offers excellent opportunities to expand Rodamco Europe's activities in Austria. By using our retail management capabilities we are convinced to be able to further increase the attractiveness of the shopping center for the consumer and to add value to this center."
Source: Rodamco
