4th Jan 2016 07:21
LONDON (Alliance News) - Property investor Kennedy Wilson Europe Real Estate PLC on Monday said it has completed the purchase of the La Moraleja Green shopping centre in Madrid for EUR71.0 million.
The FTSE 250-listed company has acquired a 95.2% stake in the centre from ING Real Estate and other investors, it said, at a net initial yield of 6.2%. The deal has bee funded from existing cash resources.
The centre is located in the La Moraleja business park in northern Madrid and attracts 3.5 million visitors per year, benefiting from its close proximity to the nearby business park and direct links to the La Moraleja neighbourhood, Kennedy Wilson said.
"La Moraleja Green is one of Madrid's most established shopping destinations and provides KWE with significant value enhancing asset management opportunities," said Mary Ricks, Kennedy Wilson's president and chief executive.
"We believe Madrid's growing economy and improving property fundamentals coupled with stronger consumer confidence will translate to strong levels of rental growth," Ricks added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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