Big is expanding in California, this is a deal worth $ 32.5 million

Big is expanding in California, this is a deal worth $ 32.5 million
Big is expanding in California, this is a deal worth $ 32.5 million
Chai Gallis CEO of BIG (PR Photography)

Big Shopping Centers reported this morning (Wednesday) that an American subsidiary, in which the company owns 80% of the chain (the “subsidiary”), has completed the sale of its entire holdings (100%) at the Village Palomar Open Shopping Center in Temecula, California to a U.S. Reit fund.

The sale price for 100% of the rights is $ 32.5 million (the “consideration”) when the value of the property in the company’s books is $ 32 million. The return reflects a discount rate of approximately 6.15% on NOI expected for 2022 of approximately $ 2.0 million.

In addition, the said center includes an area of ​​approximately 11,625 square meters with a total occupancy rate of approximately 95.6%. There is no loan against the property, so the cash flow resulting from the subsidiary from the sale before related costs is approximately $ 32.5 million.

Last June, the Big Shopping Centers Group reported that its subsidiary CEE-BIG BV had signed an agreement to purchase a mall, an open shopping center and building rights in Serbia for a total amount of about 60.8 million euros.

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Big expanding California deal worth million

 
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