Supernova Zadar

The Supernova Zadar Shopping Center has two floors, and since its opening in 2010 as the largest shopping center in this well-known vacation destination, it has become equally popular with tourists and locals. The extraordinary architecture and the outstanding restaurants, make every shopping trip a special experience. It is a meeting point for young and old alike.

 

The shopping center is easily accessible, and it currently offers around 40,000 square meters of rentable space with over 140 international brand retailers including H&M, Zara and Müller. Over 1,000 parking spaces are available in either the parking garage or the area surrounding the shopping center. After finishing the expansion of 13,000 additional square meters of rentable space (for about 50 shops), a grand opening ceremony in spring 2018 was hosted. This ensures the increased importance of the Supernova Zadar Shopping Center within the region, and beyond.

Development of the Shopping
Center Zadar

Asset description pre-extension

  • Two-storey shopping centre in Zadar opened in 2010
  • Located in one of the city‘s main thoroughfares

Development project

  • Received construction permit for the extension of the existing shopping centre in December 2015
  • Achieved pre-letting of 70% before construction phase
  • 15 month long construction phase requiring precise project management to continue operations in the existing portion
  • Total investment volume of c.€25.5m financed by equity and an increase of the existing project financing line

Asset post-extension

  • Increase of the lettable area to 40,000 sqm and annual net rental income by 37.5% to €8m in 2018 (forecasted)
  • c. 11.8% return on the project
  • Expected increase in number of visitors p.a. to 5.1m from 4.2m
  • Simultaneous modernisation of the existing areas
  • Extension consolidates the leading market position in the region and deters competition

Further expansion potential

  • The Company has acquired a site opposite shopping centre Zadar
  • Plan to develop a 5,000 sqm shopping park and streamlining of tenant mix for shopping centre
  • c. 12.8% return on project estimated

Key Facts

2016
(before extension)
2018
(after extension)
Lettable area 27,400 sqm 40,000 sqm
Net rental income p.a. € 5m € 8m (forecast)
Occupancy rate 100% 100%
Appraised value € 65.6m € 118.4m
Visitors p.a. 4.2m 5.1m (forecast)
Questions?
Markus
Pinggera, MBA
Management