Carmila, a REIT founded by Carrefour and large institutional investors in order to develop the value of shopping centers anchored by Carrefour stores in France, Spain and Italy, is expanding its presence in Spain with the acquisition of six shopping centers from the Pradera European Retail Fund.
According to a prepared statement, all the shopping centers are adjacent to “a powerful Carrefour hypermarket” and are either leaders or co-leaders in their catchment area. The total acquisition cost was €182 million, with an overall average effective yield of 6.3%.
The portfolio comprises assets located in Andalusia (Seville, Cordoba and Puerto de Santa Maria in Cadiz), Catalonia (Barcelone) and Alicante. Carmila is pursuing its investment strategy by adding six new assets to its core target.
According to a release, it plans to use the different strategies on the assets to create value.
“This acquisition forms part of Carmila’s core strategy. We are acquiring a portfolio of shopping centres that are leaders or co-leaders in their catchment area and offer significant potential for transformation and value creation. By doing so, we are expanding in our most dynamic market and accelerating the implementation of our acquisition plan by capturing the opportunities offered by the market,” says the REIT.