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

Pelayo Capital to Invest €60M in the Conversion of the Dolce Vita Shopping Centre into a Retail Park

3 December 2018 - Eje Prime

Pelayo Capital is going to create a new shopping centre from scratch in A Coruña. The fund is going to invest €60 million in Breogán Park, the retail park that is going to be constructed on the site of the former Dolce Vita shopping centre, which is going to be demolished.

According to reports from Dokei RE, the company that is going to manage the asset, Breogán Park will have a surface area of 45,000 m2 and 550 additional parking spaces, which will be added to the 3,000 that already exist underground. The inauguration of the centre is scheduled for 2021.

The retail park is going to be located on the A Coruñan industrial estate of A Grela and is currently in the planning phase with suppliers bidding to undertake the work. The plot on which Breogán Park is going to be built spans a total above ground surface area of 57,000 m2.

Original story: Eje Prime

Translation: Carmel Drake

 
Corpfin Sells a Commercial Premise in San Sebastián for €7M

30 November 2018 - Eje Prime

Corpfin is divesting in the north. The Spanish Socimi has sold a commercial premise in the centre of San Sebastián for €7 million. The purchaser of the asset, which is located at number 7 Calle Getaria, is unknown, according to a statement filed with the Alternative Investment Market (MAB).

Calle Getaria is, together with Calle Hernani y Arrasate, one of the most sought-after streets for the retail market in the Guipuzkoan capital. The asset used to be the headquarters of Kutxa, the savings bank of Guipuzkoa, until 2014 and is now home to a Pull& Bear store, a brand from the Inditex group. This divestment in Euskadi is the second undertaken by the vehicle in recent months, following the sale of Gran Vía 55 in Madrid in September.

In addition, and through Inbest, Corpfin Real Estate has disbursed €250 million in two large operations in Madrid and Valencia during the last quarter. The first was the agreement reached with Riu to acquire the commercial area in Edificio España for €160 million. And that was followed by the purchase from El Corte Inglés of a building in the centre of Valencia for €90 million.

Original story: Eje Prime 

Translation: Carmel Drake

 
GGC Acquires El Mirador de Jinámar Shopping Centre for €45M

30 November 2018 - Eje Prime

General de Galerías Comerciales is now the owner of El Mirador de Jinámar. The Socimi led by the Murcian businessman Tomás Olivo has acquired the commercial complex located in the Canary Islands for €45 million. The company has been advised by Cushman & Wakefield during the operation.

El Mirador de Jinámar is the largest retail space in the Canary Islands. The asset has a total surface area of 50,000 m2, of which 11,300 m2 is dedicated to the first hypermarket that Eroski opened in the region. In fact, the Spanish supermarket chain is one of the drivers of the complex, together with the property developer Ambrosio Jiménez.

Since November 2010, the Mirador de Jinámar has housed a total of 120 establishments in its commercial area. Distributed over two floors, some of the tenants of the property include firms from the Inditex group, as well as H&M, Cortefiel and Primark (whose store exceeds 5,000 m2, making it the Irish company’s largest in the Canary Islands).

The complex is located in Jinámar, a neighbourhood located between the municipalities of Las Palmas de Gran Canaria and Telde, the two most important cities on the island. The complex also has a parking area with capacity for more than 40,000 vehicles. In a second phase, which is still pending, the centre is planning to expand its offer to include 45,000 m2 of additional space, which will be allocated to DIY and homeware firms (…).

Meanwhile, General de Galerías Comerciales made its debut on the Alternative Investment Market (MAB) in July 2017. The company has twenty years of experience undertaking its activity right across the value chain, from the purchase of land to the management of assets.

The main assets in its portfolio are retail parks and shopping centres in Spain, such as La Cañada (Marbella), Mediterráneo (Almería), Mataró Parc (Mataró), Gran Plaza (Almería), Las Dunas and Nevada Shopping (Granada). The company also has an extensive portfolio of residential assets and retail premises, as well as land, primarily in the south of Spain. When the company made its debut on the MAB, its portfolio of assets was worth €1.9 billion.

Original story: Eje Prime 

Translation: Carmel Drake