Dutch based pan-European retail property investor VastNed Retail has finalised the acquisition of the recently opened extension of the district shopping center Getafe III in Getafe, Madrid.
The acquisition comprises 20,000 m² of retail space which is leased to strong national and international retailers such as Zara, Massimo Dutti, C&A and Hennes & Mauritz. It is situated right beside a well-established shopping center south of Madrid.
The investment amounts to 56.6 million at a 5.9% net initial yield and has been financed with loan capital. The center will start to contribute to the investment result as per November 1, 2006.
Hans Pars, chief investment officer of VastNed Retail, comments: "This acquisition boosts the size of our Spanish (retail) portfolio and is fully earnings per share-enhancing in 2007."