French listed shopping centre investor Carmila said this week that it has reached agreements in separate transactions with two family offices for the sale of a portfolio of four assets in Spain and an asset in Montélimar in France.
The agreed sale price of the portfolio in Spain is €75 mln, in line with appraisal values. The portfolio is made up of four shopping centres, Los Patios and Alameda in Malaga and Los Barrios and Gran Sur in Algeciras, which are representative of Carmila’s portfolio with a Carrefour hypermarket, approximately 35 stores per centre, and high levels of occupancy.
Carmila will provide asset management, leasing and property services for the portfolio.
The agreed sale price of the asset in Montélimar is €15 mln, in line with the appraisal value.
These two agreed sales follow the disposal of a portfolio of six assets in France, closed in June 2022, for a total of €240 mln of disposals. With these transactions, Carmila has gone beyond its €200 mln disposal target for the first two years of its new strategic plan.
‘Carmila has confirmed the liquidity of its assets in line with appraisal values and the appetite of investors for transformed shopping centres that are anchored in local regions. Almost one year ahead of schedule, Carmila has gone beyond its target to dispose of 200 million euros of assets by end 2023,’ commented Marie Cheval, the president and Chief Executive Officer of Carmila.
The third-largest listed owner of commercial property in Europe, Carmila was founded by Carrefour and institutional investors in order to enhance the value of shopping centres adjoining Carrefour hypermarkets in France, Spain and Italy. At 30 June 2022, its portfolio was valued at €6.16 bn, comprising 208 shopping centres.