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

The new law involves reductions of up to 50% on the rental costs of assets leased by establishments affected by the temporary opening restrictions or by the limitations over opening hours and capacity, in those cases in which a private agreement has not been reached between the parties.

The Generalitat has approved a decree-law to allow it to intervene in the rental market to try to help commercial establishments with the economic fallout from the Covid-19 restrictions.

The current tenants of the establishments will have a preferential right to acquire the properties.

Despite everything, the company claims to have a solid balance sheet and it says that it would only sell assets for the right price.

Spain is attracting investors who are flooding the retail park business in Europe, with five new projects already in progress.

Banca March, the owner of the shopping centre, has secured a new tenant for a large part of its commercial space.

In addition to the well-known nightclub, the Cursach group has put the 800 Grados Steak House and Asadito restaurants up for sale for 6.5 million euros, along with The Club International nightclub, all in Playa de Palma.

The long term nature of the lease will allow the new managers to set out a complete renovation project for the asset.

According to a report by Cushman & Wakefield, the stock of retail parks will increase by 8% in terms of surface area by 2021 with eight new openings across the country.

Funds such as Ardian, GLP, EQT, Nuveen, Primonial, M Capital and various opportunist entities have decided to bet on the fashionable sectors, such as logistics and build to rent, as well as on possible discounted operations in the hotel, retail and office segments.