Press releases
PREF Acquires Two New European Retail Parks for €135M
08/08/2008
PREF, the closed-end European out-of-town retail property fund, part owned and advised by British Land, has completed the purchase of two European retail schemes for circa €135 million.
- PREF has acquired Santarém Retail Park, a 28,253 sqm retail scheme located in the central region of Portugal, for circa €35 million from owner and developer Teilnahme, Lda.
- PREF has also completed the purchase of Terminal Nord Retail Park a 32,304 sqm retail warehouse scheme in Udine, Northern Italy, for circa €100 million from developers Opit S.p.A.
Terminal Nord, which was originally contracted pre the scheme’s development in October 2006, is 96% let. The park opened to the public on 6th March 2008 with a food court scheduled to open in September. It is without doubt one of the best schemes in Italy in terms of design, location, layout and tenant range. Tenants include Carrefour, Decathlon, PC City, Upim and Euronics. In addition, international retailers Casa (Belgium) and Maisons du Monde (France) have opened their first Italian stores there.
PREF contracted to purchase the Santarém Retail Park in April 2006, prior to construction, and represents PREF’s fifth Portuguese asset. The Park opened in May 2008 with over 90% of the space let. Important brands represented at the Park include AKI, Moviflor, Radio Popular, Feu Vert and the Auchan supermarket operator, Jumbo. During 2009, PREF also plans to develop an additional circa 2,500 sqm on the scheme in conjunction with the developer.
CB Richard Ellis advised PREF on both acquisitions.
Commenting on the acquisitions, Valentine Beresford, Director of BL European Fund Management LLP, said: “These prime schemes add to our critical mass in Europe and are excellent investment opportunities in well-located, highly sought after retail parks. We believe we can create new opportunities to improve profitability which will translate into further growth in the medium to long term. “
Media Enquires:
British Land
Laura De Vere Tel: +44 20 7467 2920
Mobile: + 44 (0)7739 292920
PREF
Financial Dynamics
Dido Laurimore/ Jamie Robertson Tel: +44 20 7831 3113
Mobile +44 (0)780 165 4424
Notes to editors:
About PREF
PREF (The Pillar Retail Europark Fund) is a seven-year, closed-end fund created in 2004 investing in out-of-town retail parks in the Eurozone. PREF currently owns or has contracted to acquire circa 4,000,000 sqm. PREF is advised by BL European Fund Management LLP.
PREF’s Iberian-based assets are: Portugal – Portimão Retail Park, Portimão; Aveiro Retail Park, Aveiro; Sintra Retail Park, Lisbon, Lima Retail Park, Viana do Castelo, Lima. Spain – Nassica Retail & Leisure Park, Madrid, Nueva Condomina, Murcia and Vista Alegre Retail Park, Zamora (acquired February 2008). Outside Iberia, PREF also holds interests in Italy and France. In Italy, PREF is due to complete the purchase of Fidenza Retail Park in Parma (16,500 sqm) in early 2009.
For further information about PREF or British Land, visit www.britishland.com.
