Unibail-Rodamco acquires shopping center Splau in Barcelona and sells two assets in Magdeburg and in Eindhoven (ES/DE/NL)

Unibail-Rodamco announces it has acquired shopping center Splau in Barcelona from Acciona. The 55,100-m² GLA shopping center is located in the South of Barcelona, Spain, one of Europe's largest cities. With a direct access from the A2 highway, the center is situated in a densely populated and undersupplied catchment area.


Shopping center Splau in Barcelona.

Opened in May 2010, the shopping center features 148 shops, a cinema and 2,800 parking spaces. It attracted 7.5 million visits in its first year of opening and is expected to attract 9 to 10 million visits per annum in the coming years.

This acquisition is a unique opportunity for Unibail-Rodamco to acquire a large prime asset and to complement its portfolio of large malls in the Barcelona region (La Maquinista and Glories).

With a financial vacancy of 15.8% at acquisition, the shopping center benefits from a significant growth potential through the introduction of international premium retailers and an increase in tenants' sales.

The scheme was acquired for a total amount of €189 million including transaction costs.

The Group also announces that it has completed the disposals of two shopping centers.

Unibail-Rodamco's 50% stake in Allee-Center Magdeburg, Germany, was sold on Friday (October 7) to Deutsche Euroshop for a net disposal price of ca. €117 million.

On September 20, 2011, Unibail-Rodamco sold its Piazza Center shopping center and offices in Eindhoven, the Netherlands, for a total net disposal price of ca. €109 million. The purchaser was a consortium comprising of Wijs & van Oostveen Vastgoed, TB Investments and Condo Inventures.

Guillaume Poitrinal, CEO, said: "The Splau deal illustrates Unibail-Rodamco's opportunistic ability to pursue a high quality acquisition in the current environment."

Source: Unibail-Rodamco

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