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Unibail-Rodamco Buys Shopping Mall in Barcelona for $255 Million

Unibail-Rodamco SE (UL), Europe’s largest publicly traded real estate company, acquired a mall in Barcelona for 189 million euros ($255 million) as it completed the sale of two smaller centers in Germany and the Netherlands.

It acquired the 55,100 square-meter (593,100 square-foot) Splau mall located south of the Spanish city from Acciona SA (ANA), according to a statement today. The Paris-based company also completed the sale of a 50 percent stake in the Allee-Center in Magdeburg to Deutsche Euroshop AG (DEQ) for 117 million euros, and on Sept. 20 it raised 109 million euros from the disposal of the Piazza Center in Eindhoven to a group of investors.

Chief Executive Officer Guillaume Poitrinal raised 1.1 billion euros in the first half by disposing of smaller centers as he focuses the company on dominant regional malls that attract shoppers with their big-name retail brands.

Unibail-Rodamco already owns La Maquinista and Glories malls in Barcelona. It’s seeking to boost occupancy at the Splau mall, which opened 17 months ago and is almost 16 percent empty.

Unibail-Rodamco rose 2.5 euros, or 1.8 percent, to 143.5 euros at 4:20 p.m. in Paris trading. That lifted the value of the company to 13.2 billion euros.

To contact the reporter on this story: Simon Packard in London at packard@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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