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14 February 2012
Stockholm
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22 February 2012
London
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03-04 May 2012
Vienna, Austria
NL's Corio pays e127m for Madrid mall Príncipe Pío, yield 7.8%
The Dutch shopping centre REIT/FBI Corio has paid e126.5m to acquire a 95% stake in Madrid retail mall leaseholder Príncipe Pío Gestion from Grupo Riofisa, part of the struggling Inmobiliaria Colonial - a price equivalent to a net initial yield of 7.8%. The Príncipe Pío shopping centre, located to the west and close to the city centre, has gross leasable area of 28,680 sq.m. and has some 12.5m visitors per annum. Corio will take over the favourable loans leaving e56.5m to be financed, resulting in a net return on equity of around 13%. The remaining 5% of equity is held by ADIF (Administrador de Infraestructuras Ferroviarias), the Spanish state-owned company that manages the railway infrastructure.