MADRID, Spain—Klépierre has reached an agreement to acquire 100% of retail asset Plenilunio from an entity 100% indirectly owned by the Orion European Real Estate Fund III.
Pleniliunio is a leading 70,000 sq.m. (753,400 square feet) shopping center located in Madrid. With a broad and current fashion offer, high quality architecture and a prime location, Plenilunio is one of the major shopping center in the region around Madrid where Klépierre already owns two of the most prominent shopping malls: La Gavia (Southeast Madrid) and Principe Pio (Madrid center). This acquisition complements Klépierre's existing retail platform in Spain and enhances its Spanish portfolio profile. This investment is consistent with the strategy to focus investments on leading retail assets in the most growing regions of Continental Europe. The selling entity is a real estate fund sponsored by Orion Capital Managers.
Plenilunio has established itself as the dominant urban retail destination for the eastern part of Madrid.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
