The 95% stake in Príncipe Pío Gestion was purchased from Riofisa, the shopping center arm of Colonial, a Spanish real estate company. The final 5% of the shares are owned by ADIF, a Spanish state-owned railway management company; they will remain in ADIF's control.
As part of the deal, Corio will take over the PPG loans, which has $79.5 million remaining to be financed. This deal gives Corio a 13% net return on equity.
The Príncipe Pío shopping center totals 94,094 square feet. Major tenants include H & M, Eurekakids, Mango, Tapioca, Zara, Bottega Verde, Pull & Bear and Colonel Oisho. It is located near the center of Madrid and is connected to the Príncipe Pío railway station.
The shopping center originally was part of the railway station but in 2005 renovations began to the structure to bring in retail components to compliment the lifestyle attractions in the area, such as the Teatro Real opera house and the gothic-style Cathedral of Santa María la Real de La Almudena.
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