Myo is a 12,000m2 retail park in Gandía, Valencia. The population of this resort town swells from approximately 75,000 to around 200,000 in the summer. Myo was developed and opened in November 2008, immediately following the beginning of the financial and economic crisis.
How we saw the opportunity
The park was never able to consolidate due to the crisis. It had previously been acquired by an international fund supported by an international bank providing debt financing, and declined into a distressed state over the following years.
How we added value
Temprano acquired the asset in October 2014 for approximately 10 percent of its pre-crisis value. Since acquisition we have:
- successfully created an improved access to the scheme
- acquired adjacent land from the municipality in order to extend the park
- leased 3,500 m2 to Decathlon
- re-geared existing leases and increased rentals
- secured new lettings
- undertaken a CapEx programme and secured debt financing
As a result, we have increased occupancy to 90 percent, increased NOI by 170 percent and GLA from 10,000m2 to 12,000m2.