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Klepierre to buy Spanish mall
Klepierre is under contract to purchase the 753,480-square-foot Centro Comercial Plenilunio in Madrid. The seller is Orion Columba, an entity of U.S.-based Orion Capital Managers. According to Real Capital Analytics, the sales price is approximately €385 million, or €511 per square foot ($434.5 million/$577 per square foot).
The shopping complex is one of the largest in Spain. It includes a 2,500-space parking garage. The property, which has an occupancy rate of almost 98 percent, generates annual rental income of €20 million ($22.61 million).
The Spanish real estate firm Riofisa developed the three-story enclosed mall, which opened in May 2006. Before its opening, Banco Santander bought the property for €275 million ($311.45 million), and the bank sold it to Orion in 2009for €274.57 million ($310.4 million).
The sale of Plenilunio is the second large divestment that Orion has undertaken in Spain in recent months. The firm