retail-shopping-centers Market News: Spanish Real Estate Intelligence

Inbest Prepares New Investment Vehicle for Retail Parks & Finalises MAB-Debut of its Socimis

15 May 2019 - Eje Prime

Corpfin Capital Real Estate is planning to launch a vehicle to invest up to €60 million in retail parks. Meanwhile, it is working towards the debut of its four Socimis on the Alternative Investment Market (MAB) in June.

To date, the company has been channelling its investment in retail parks through a vehicle it created in 2015, Corpfin Capital Retail Parks, with an investment volume of €44 million. But now it is going to create a second vehicle, Inbest Parks II, which will have €60 million to spend, with the aim of providing continuity and attracting new investors.

In parallel, the company is focused on the MAB debut of its four Socimis, which are due to list for the first time on 27 June. In total, the companies have an investment volume of €400 million, comprising own funds and debt. Most of that figure (€378 million) has already been invested in the purchase of three buildings from El Corte Inglés and the acquisition of the commercial premises in Edificio España.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

Project Caleido will Revolutionise the Commercial Offer on Paseo de la Castellana

9 May 2019 - Expansión

From the end of 2020 onwards, Project Caleido, which is being promoted by the property developer Inmobiliaria Espacio and the Philippine company Megaworld Corporation, is going to launch 14,000 m2 of commercial space at the northern end of Paseo de la Castellana in Madrid, whereby providing a much-needed leisure area for workers in the Cuatro Torres business district.

The commercial space will seek to imitate a typical high street with between 70 and 80 premises distributed over two floors. The premises will house restaurants (35%), services (11%) and retail, technology, accessories and cosmetics brands.

Caleido’s offering will also include a boutique cinema, a supermarket, a gym, an exhibition and events centre and an eSports space. The developers have already marketed 30% of the space and expect to fill another 20%  of the premises before the summer.

According to a study performed by GfK, Caleido will receive more than 3 million visitors per year and will serve not only the employees that already work in the area, but also the more than 6,000 students who will be studying at IE’s new high-rise campus in the fifth tower as well as employees and patients of the Quirónsalud Group’s new advanced medicine centre.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

Seven Firms Bid For the Mestalla Shopping Centre

7 May 2019 - El Economista

ADU Mediterráneo has opened the bidding for the tertiary plots on the site of Valencia CF’s Mestalla stadium, which will span 40,000 m2 in total. The space will be split between 20,622 m2 on the ground floors of the residential buildings and semi-basement (of which up to 9,000 m2 may be offices, 8,000 m2 student halls and 3,500 m2 supermarkets) and another 19,834 m2 known as the Stadium Center, which will be a shopping centre dedicated exclusively to commercial use.

Seven property developers are interested in acquiring the plots. All bar one are already large owners of shopping centres. They include Ceetrus, formerly Immochan (the real estate arm of Alcampo), amongst others.

The negotiations with each one of the interested parties have begun this week and the aim is to sign an agreement with the best candidate in July so that the operation can be formalised in October, at the same time as the cooperative is due to officially purchase the plots of land from Valencia CF.

Original story: El Economista (by Dani Valero)

Translation/Summary: Carmel Drake