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ACCIONA sells-off the Splau! shopping center to Unibail-Rodamco, for 185 million euros

10/07/2011

The operation is part of the Group's policy of rotation of assets aimed at driving growth

The operation is part of the Group's policy of rotation of assets aimed at driving growth.

ACCIONA has reached an agreement with the Unibail-Rodamco real estate group for the sale of the Splau! Shopping center, in Cornella (Barcelona, Spain), for 185 million euros. The operation is part of ACCIONA's policy of rotation of assets aimed at optimizing value creation in the development of projects and driving growth for the Company. The deal was advised financially by BBVA and Jones Lang Lasalle acted as real estate consultant.

Splau!'s varied offering, its cutting-edge design and its location adjacent to the RCD Espanyol soccer stadium, 7 kilometers from Barcelona's El Prat airport and just five minutes from downtown Cornellà, are just some of the attractive features that have make a choice for local shopping and leisure activity.

In a year, Splau!, which was owned until now by ACCIONA Real Estate, had 87% of its commercial space under rental, making it  a favorite among shoppers and leisure seekers in the Baix Llobregat area, and leading to the creation of 2,000 jobs, 123 million euros in turnover and seven-and-a-half million visitors a year. The shopping center's gross leasable area (GLA) covers 55,100 square meters.

The first to set up business in Splau! were fashion labels Primark, H&M, Zara, Bershka, Stradivarius, Mango, C&A and Oysho, among others, as well as distribution chains Mercadona and Media Markt. They were followed by Décimas, Häagen-Dazs, Time Road, Swarovski and Mas Visión, a bowling alley, hairdressers, jewelry stores, shoe stores and many others. The center also offers an 18-screen Full HD multiplex featuring 3D technology that ranks as Spain's number 4 movie theater in terms of box office takings.

Asset rotation strategy

The sell-off of the Splau Shopping center is part of ACCIONA's assets rotation strategy aimed at maximizing the value of the Company's investments. In 2011, ACCIONA has sold off its stake of 50% of in Chile's Autopista Vespucio Sur and Red Vial Litoral Central highways to the Italian group Atlantia for 458 million euros. It also sold off its car park concessions to the Nordic fund EQT and Brazil's Horapark for 190 million euros.

The Splau! sell-off joins these previous operations and underscores ACCIONA's ability to create value in the development of projects with a strong potential for appreciation.

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