Euro Cervantes, Singapore's sovereign wealth fund GIC, closed 2016 with the purchase of 48.9% of La Maquinista shopping centre in Barcelona for €201.2m. The operation was carried out through the transfer of shares of Unibail Rodamco Steam and Time Blue Real Estate Projects, two instrumental companies that were, until now, 100% proprietors of this asset.
These companies were invested, among others, by the Singapore GIC itself, which in 2008 closed an agreement with the French giant Unibail Rodamco to buy 49% of the La Maquinista and Habaneras shopping centres (located in Torrevieja, Alicante), for €215m.
With this operation, the Asian giant has transferred its participation in the Barcelona's shopping centre to its own SOCIMI, which will share ownership of the asset with Unibail Rodamco. The latter has the majority share with 51.1%. According to the SOCIMI, the operation was financed in full by a loan with a fixed annual interest rate of 8.1% and maturing in December 2021, granted by the related company New Tower Real Estate.
At the end of November, GIC was sole shareholder of the Euro Cervantes company through its subsidiary Euro Iberia Private Limited. The sovereign fund created this company in 2014 and since last September 22 is listed in the Alternative Stock Market.
La Maquinista, which opened its doors to the public in June 2000 with a gross leasable area of about 95,000m², spread over three floors, is the largest shopping centre in Barcelona and is estimated to have revenues of €32.4m in 2016.
