Realia sells Nervión Plaza shopping centre, Seville ( Spain) to Henderson

18 Dec, 2009, Madrid

• Real estate consultant C&W acted on the side of Realia
• Selling price: 94 million euros

REALIA sold its ownership stake in Nervión Plaza, a prime shopping centre in the centre of Seville, to Henderson Global Investors on behalf of Warburg Henderson KAG for 94 million euros last week on Friday 18/12/2009.

Nervion Plaza was built in 1998 and has a total of 25.000 m² GLA(gross let area) with the majority owned by Realia (16,084m² GLA together with all the basement parking). The centre has 63 shop units, 100% let to major retailers on medium to long term leases. Due to its location the centre is well known as a major fashion destination for the city centre and has over 10 million footfall a year.

Retailers include: Grupo Inditex (Zara, Maximo Dutti,Zara Home,Uterque, or Berskha), H&M, Grupo Cortefiel, Adolfo Domínguez, G-Star Raw, Blanco, Mango, Benetton, Bimba y Lola, Trucco, Springfield, as well as restaurant and fast food chains Mc Donald´s, Vips and Starbucks.

Iñigo Aldaz, Managing Director of REALIA, commented after the closing that : “this sale forms part of their disinvestment business plan and strategy to rotate mature assets. The sale reflecting an initial yield of approximately 7%, has allowed us to extract significant profit for the group.” Realia continues to develop and hold shopping centres as part of its overall portfolio and currently has 8 major schemes.

Manuel Martín, head of Henderson Global Investors in Spain, commented: “This transaction is an excellent example of the growing confidence shown by international investors in quality retail in Spain. We believe that this is a prime asset and is exactly what our investors are looking for. Henderson will asset manage this scheme on behalf of the fund in order to ensure that the returns from this centre beat the funds expectations.”

Cushman & Wakefield acted for Realia in the sale of Nervion Plaza. Rupert Lea, partner of Cushman & Wakefield, pointed out that “ 2009 has probably been the hardest year in the last 10 years for shopping centre transactions and not easy convincing investors to invest in Spain. We believe that this transaction marks the return of international institutional investors rather than opportunity funds for good income producing retail assets.” Cushman & Wakefield hopes to close another retail transaction before the end of the year and already has 2 major operations in exclusive DD for completion in the early part of next year.

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