Yarrells Property has represented Cinesa, Spain’s largest multi-screen cinema exhibitor in the renegotiation of the terms of the leases in the shopping centres Parque Principado in Oviedo and Nassica in Getafe, Madrid.
In the second quarter of 2014, Yarrells Property, as part of a broader real estate strategy and cost cutting review it is performing for the cinema group, advised and conducted negotiations on behalf of its client with Landlord, Intu, the UK based shopping centre fund, which acquired Parque Principado in the summer of 2013 for approx. 162M€. Agreement was reached that repositioned the lease taking into account current market circumstances and at the same time agreeing improvements to the centre which will benefit all parties involved.
In the same period, Yarrells Property also conducted the negotiations to reach agreement with British Land to revise the terms of the lease in Nassica, the retail and leisure park in Getafe Madrid. The park has subsequently been sold to US based fund KKR.