Carrefour Almería. Credit: Carrefour
Ticker

Kennedy Wilson completes $81 Million sale of ten-property Spanish retail portfolio

Global real estate investment company Kennedy Wilson has completed the sale of ten wholly owned Spanish retail properties for $81 million to Barings, a global investment management firm.

The sales generated approximately $33 million of net cash proceeds to Kennedy Wilson, which the company expects to recycle into other European investment opportunities and to fund existing development projects. The combined sales will result in approximately $10 million of gains to Kennedy Wilson.

The portfolio is fully leased to Carrefour, a grocery chain that is Europe’s largest retailer and Spain’s second largest supermarket. The portfolio includes 418,000 square feet, with most of the rental income concentrated in prime locations in Madrid and Barcelona.

Peter Collins, President of Kennedy Wilson Europe, said: “Since acquiring the properties in 2015, we strengthened the performance of the portfolio through our asset management program that included improving the lease terms with Carrefour. Our asset management program coupled with the robust grocery retail market and attractive local economic fundamentals resulted in a strong total return to Kennedy Wilson as we continue to focus on disposing non-core assets.”

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

NEINVER reaches agreements with 98% of tenants across its European portfolio

In total, the company signed close to 1,500 leasing deals in 2020, including tenant rent negotiations, new leases and renewals. The resilience of the outlet industry is reflected by positive consumer demand whenever restrictions eased or lifted during 2020.

Cushman & Wakefield makes UK customer experience appointment

Cushman & Wakefield has appointed customer experience specialist Michelle Gloder as Head of Customer Experience within its UK Asset Services team.

Denis Cupic becomes Managing Director of redserve Zagreb

The ATP consulting subsidiary redserve is expanding in Central and Eastern Europe. And the Croatian entrepreneur Denis Cupic is playing a leading role.

Mister Spex new at Quarree

The optician is expected to open its third store in Hamburg at the end of March.

Some like it hot: MK Illumination’s brand new summer concepts promise a sparkling summer

The market leader in festive lighting and decoration unveils colorful, creative décor designed to inject joy into the summer shopping experience.

First charging e-station opened in a Czech STOP SHOP retail park

A new network of charging stations for electric vehicles, called e-stations, inaugurated its first facility in the Czech Republic in December 2020. It is located in the STOP SHOP retail park in Hranice na Moravě, which is operated by IMMOFINANZ. It will offer its customers a convenient, fast and cheap way to recharge their electric car.