During the month of May, the french listed company, Carmila acquired six assets from the Pradera European Retail Fund. All the shopping centres are Carrefour hypermarket anchored properties. The total acquisition cost was €182 million, with an overall average effective yield of 6.3%.
The portfolio includes assets located in Andalusia (Seville, Cordoba and Puerto de Santa Maria in Cadiz), Catalonia (Barcelone) and Alicante.
Carmila plans to refurbish these properties based on the “Air de famille” concept, improving tenant mix , increasing occupancy rates, increasing mall income, driving business growth using the digital marketing tools developed by Carmila (efficient websites, databases, “Le Kiosque des Services” and “Boost programs”), and extending the sites as some of these assets having significant construction potential.
With the acquisition of Gran Via de Hortaleza in February 2018, more than 63,000 m² will have been added to Carmila’s Spanish portfolio during the first half of 2018.These acquisitions are financed by the €350 million bond issued in February (for more details, please see the company’s press release dated 28 February 2018).