Big Shopping Centers (2004) Ltd. (TASE:BIG) has completed the purchase of 90% of the Creekwoods Commons commercial center in Kansas City, Missouri at a value of $25 million. The deal was made through a US subsidiary, in which it owns an 80% stake. The seller Copaken Brooks LLC will continue to own 10% of the property.
Big said that the deal was made at a return on investment of 7.3%.
Big is also seeking to acquire three more US properties for NIS 120 million altogether. Prior to today's deal, the company owned 47 commercial centers, 26 in Israel, 19 in the US, and one each in India and Serbia. The company entered the US market in 2010.
The company is looking at real estate opportunities worth up to €60 million in Spain and Portugal. For this purpose, last week, its board of directors approved the acquisition of half of a subsidiary of Spanish real estate company Bogaris for €120 million. Closing of the deal is subject to due diligence, and Big is considering bringing in Israeli partners as minority investors. The Spanish unit owns ten shopping centers, as well as office buildings and land for development in Iberia.
Published by Globes [online], Israel business news - www.globes-online.com - on June 18, 2014
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