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

Pelayo Capital to Create a New Breogán Park with an Investment of >€60M

15 January 2019 - Eje Prime

Pelayo Capital is throwing itself into the Spanish retail sector during its second year of life. The Galician family office, which is currently working on the conversion of the Dolce Vita shopping centre in A Coruña into a retail park, is planning to replicate the project in other Spanish cities with an investment of more than €90 million, according to Íñigo Veiga, CEO of the company, speaking to EjePrime.

Similarly, the group wants to add high street stores to its portfolio of assets during the course of this year. In this sense, Pelayo Capital is on the hunt for properties located in Madrid, Galicia and Asturias, in particular, in which it plans to invest at least €1 million. “We are not ruling out other cities either, given that our strategy involves working hand in hand with retailers”, said the director.

Breogán Park is the company’s star project, an asset in which the company is going to invest €60 million and which will be inaugurated in the spring of 2021. It is the first project undertaken in Spain to involve the demolition and conversion of a shopping centre into a retail park. “The initiative that takes advantage of the demand for these types of assets in many cities around the country”, said the executive.

The surface area, spanning 45,000 m2, will have 2,500 parking spaces and used to house the Dolce Vita shopping complex until 2014. “It is a great opportunity to build a retail park in A Coruña; we are not going to find any others because there is no land available in the city on which to build a retail park of this size”, explained Veiga.

Pelayo Capital is looking for ways to handle the maturity of shopping centres and the boom in e-commerce in Spain by committing itself to retail parks and commercial premises located on the most prime streets. For this reason, the company has just purchased its first asset at number 103 Calle Hermosilla in Madrid, revealed the director.

“We do not have an investment objective or commitment, because we believe that pressure can lead to errors”, explained Veiga. Saddled between Galicia and Madrid, Pelayo Capital has the support of investors with different profiles and is not averse to the idea of backing the logistics or residential markets in the long term.

The company was created in 2017 hand in hand with Breogán Park, a project that launched it into the midst of the Spanish real estate sector. Although it is also working on the rehabilitation of a residential building in A Coruña, Pelayo Capital has placed its focus on retail and for that reason, it has hired Luis Íñiguez, former director of JLL’s retail division in Spain, as senior advisor to the company.

Original story: Eje Prime (by Berta Seijo)

Translation: Carmel Drake

 
Mercadona Buys 7,000m2 of Land in La Montañeta (Gran Canaria) for an Efficient Supermarket

11 January 2019 - La Provincia

The company Mercadona is going to build its second supermarket in the town of Ingenio, in La Montañeta, following the purchase of three warehouses, constructed in 1950, and a plot of land from Agrícola Bonny. The plot has a total surface area of 6,840 m2, with a current constructed surface area of 3,753 m2. It is located between Calle Juliano Bonny Gómez and Calle Sagasta (…).

Sources at the company confirmed yesterday (…) that plans for the creation of a new efficient store have recently been submitted to the Town Hall of Ingenio (…) which will be the second of its kind in Gran Canaria, after the inauguration on 17 December of the first one in the Melenara business park (Las Rubiesas), in the municipality of Telde, with a total surface area of 5,163 m2 (…).

These same sources did not reveal information regarding how much is going to be invested in the new supermarket in Ingenio, or when the construction work will begin (…).

Mercadona has 86 stores in the Canary islands and 34 in Gran Canaria.

Original story: La Provincia (by Marcos Álvarez Morice)

Translation: Carmel Drake

 
General de Galerías Comerciales Buys Land in Málaga for €11.5M

9 January 2018 - Eje Prime

General de Galerías Comerciales is fattening up its portfolio. The Socimi led by the Murcian businessman Tomás Olivo has acquired several plots in the Malagan municipality of Rincón de la Victoria worth €11.5 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

This purchase, financed using own funds, comes just a month after the company completed the acquisition of El Mirador de Jinámar, the largest retail area in the Canary Islands. That transaction involved a disbursement of €45 million and was advised by Cushman & Wakefield.

General de Galerías Comerciales debuted on the Alternative Investment Market (MAB) in July 2017. The company has twenty years of experience and undertakes activity across the whole value chain from the purchase of land to the management of developments.

The main assets in its portfolio are retail parks and shopping centres in Spain, such as La Cañada (Málaga), Mediterráneo (Almería), Mataró Parc (Barcelona), Gran Plaza (Almería), Las Dunas and Nevada Shopping (Granada).

The company also has a large portfolio of residential assets and commercial premises, as well as land, primarily in the south of Spain. When it made its debut on the stock market, the company’s asset portfolio was worth €1.906 billion.

Original story: Eje Prime

Translation: Carmel Drake