IMAGE: KLEPIERRE
Investment

ORION SELLS PLENILUNIO FOR €375 MILLION

Investment Fund Orion Capital Managers have agreed to sell Plenilunio, one the major prime shopping centers in Madrid, to French Company Klépierre. Opened in 2006, the mall is strategi-cally located in the east of the city with no competition.

The current footfall is 10.5 million and continues to grow. Cushman & Wakefield advised Orion Capital Managers. Partner, Head of Capital Markets Retail in Cushman & Wakefield, Rupert Lea commented: “Plenilunio is the major shopping center for all retailers looking to locate and benefit from the east of Madrid. Despite the crisis it has always had strong demand. I believe that this is the last major mall to sell in Madrid for the next ten years. The price achieved is yet another in-dication of the new market trend: strong demand and lack of prime product.”

Plenilunio has over 70.000 sq m GLA distri-buted over three floors incorporating a signi-ficant element dedicated to fashion as well as a strong leisure and restaurant area, a high quality gym and an electrical goods store. It is home for main national and international brands, such as the largest Primark store in a shopping center in Spain, a major H&M store, Inditex Group with all its stores, a new Mango to open soon, and a Media Markt. Other anchor tenants are Mercadona, one of their strongest supermarkets in Spain and Yelmo cinema, one of the top three best performing cinemas in the east of Madrid.

The innovative design of Plenilunio also earned it the award for Best Shopping Centre in the World in 2007 by the ICSC.

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