Carmila acquires shopping centre in Malaga for €25m

Carmila acquires shopping centre in Malaga for €25m

Carmila, the third-largest listed owner of commercial property in continental Europe, has agreed to acquire Rosaleda, a shopping centre in Malaga, Southern Spain, for €24.6 million.

The centre, which is made up of 73 stores attached to a Carrefour hypermarket, has a gross leasable area of 15 500 sq.m. and includes two larger stores (Decathlon and Lefties, the fashion retailer belonging to the Inditex Group).

It benefits from a leading position in its catchment area, a leisure complex with a cinema and strong footfall, with 5.8 million visitors a year.

This transaction is part of the asset rotation programme announced at Carmila’s Capital Markets Day in December 2021 and follows the announcement of an agreement to sell a portfolio of six assets in France.

The acquisition is an opportunity for Carmila to put to further use its expertise in renovation and improvement of the merchandising mix in centres of this kind.

Carmila has a portfolio of 78 assets in Spain, valued at EUR 1.4bn, including two shopping centres close to Malaga, one of the country’s most dynamic cities and a popular tourist destination.

Marie Cheval, Chair and Chief Executive Officer of Carmila, commented: “Carmila has made another step in the roll out of the asset rotation strategy announced in December 2021. After the agreement to sell a portfolio of six mature assets in France, Carmila is acquiring, on favourable terms, a high-potential shopping centre in Malaga in Spain.”