Physical Property Portfolio

Physical property investments are focused on retail assets across Europe. Greenbay targets properties with strong sustainable income from high quality tenants with strong likelihood or renewal of leases on expiry.

Name of Property

GLA

Date of Acquisition

Forum Coimbra (Portugal) 

51 489sqm

31 May 2017

Forum Coimbra in the city of Coimbra, Portugal opened in April 2006 and is the dominant regional mall in the Centro Region of Portugal. This is 51 489m2 GLA modern, third generation mall which provides a comprehensive retail and entertainment offering over three levels, served by a structured car park. The mall has excellent transport links connecting it to both the city and the region. 

Forum Coimbra is fully let to 146 major international and national tenants including Primark, H&M, C&A, and eight Inditex brands including, Zara, Stradivarius, Bershka, Pull & Bear, Oysho, Massimo Dutti and Lefties.
The mall's entertainment offering includes a six screen cinema, ten pin bowling and large food court. The 17 700m2 hypermarket, Continente, included in the total GLA is separately owned.   

The three-year compound annual growth in turnover was 4,9% and tenant demand exists for an extension that will be further evaluated in due course. 

Together with Forum Viseu (below) the initial yield on the aggregate cash consideration of 219,25 million is approximately 6,0%. A five-year debt facility of 104,5 million at
3-month Euribor plus 2,15% has been secured against the assets. 


Name of Property

GLA

Date of Acquisition

Planet Koper (Slovenia)

31 625sqm

04 July 2016

Greenbay acquired Planet Tuš shopping centre situated in Koper, Slovenia, for EUR56 million at a yield of 8%. This is 31 625m2 GLA shopping centre opened for trading n 2010 and will be rebranded to "Planet Koper". The mall layout and tenant mix will be improved which will further strengthen the mall's dominance and enable it to grow its income. Greenbay has accepted a 10-year property finance facility at an interest rate of Euribor plus 2.75%. 

Koper is a major port town in the coastal area of Slovenia and Planet Tuš has a catchment of 577,000 inhabitants reaching from Trieste in northern Italy to Pula in Croatia. Koper benefits from well-developed infrastructure and a large and active commercial port and is a popular tourist destination. Planet Tuš has the highest footfall in the region with an annual footfall of over 3.5 million. It is located close to the Koper city centre with excellent public transport connectivity. Planet Tuš is tenanted by various retailers including: Tuš, Cineplexx, Zara, C&A, H&M, Berschka, CCC, New Yorker, Hervis, Deichmann and Takko. Management believes that the tenant profile can be further strengthened which will enhance the mall’s dominance and enable it to grow its income into the future.

 

Name of Property

GLA

Date of Acquisition

Forum Viseu (Portugal)

18 705sqm of zoned land for development 

31 May 2017

Forum Viseu is in the city centre of Viseu, Portugal and opened in September 2015. This 18 705m2 GLA shopping centre is let to 48 major international and national tenants including Pingo Doce, Sacoor, Cinama Nos and Inditex brands Zara, Massimo Dutti, Bershka, Pull & Bear, Lefties, Stradivarius and Oysho.

The three-year compound annual growth in turnover was 4.4%. Forum Viseu's immediate catchment is approximately 100 000 people.


Name of Property

GLA

Date of Acquisition

Project Tivoli

9 932sqm of zoned land for development 

Construction commencing in 2018

Greenbay concluded an agreement with Tivoli Projeckt d.o.o to acquire 9 932sqm of zoned land for development. The land is situated in Ljubljana, Slovenia and will be developed into multi-purpose development comprising 127 premium apartments, 3 257sqm of high street retail and 3 864sqm of A-grade offices. The completed project is estimated to cost EUR70 million with an estimated internal rate of return of 15%. Construction is scheduled to commence in 2017.