New Spanish REIT Merlin pays €260M for A Coruna mall-hotel complex

In what Property Investor Europe reports to be the largest single-asset shopping centre investment in Spain since 2008, newly-formed REIT Merlin Properties has paid €260 million to acquire the Marineda City mall and hotel in Spain's second-largest retail and hospitality complex near the town of A Coruna.

The transaction price, fully financed through Merlin’s own equity, includes the 113-room Carrís Marineda hotel.

The acquisition price reflects a gross yield of 7.1 percent and an net initial yield, according to EPRA guidelines, of 6.6 percent.

Merlin CEO Ismael Clemente said the Marineda City shopping centre is an example of an exceptional asset rarely found in the market. “This asset strengthens Merlin's bet on building a portfolio of high-quality assets. Merlin's long-term focus and commitment will allow the company to harness the full potential of the property,” he said in the release.

 

 

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