Bogaris to Place Torrecárdenas on Market for More than €160 Million Just Before Opening

13 August 2018

The shopping centre in Almeria has more than 60,000 square meters of GLA. Potential candidates for the acquisition must consider the lack of a track record for the new complex and a lawsuit filed by executive Tomás Olivo.

A new operation is targeting the shopping centre sector. Torrecárdenas, a new centre that will open its doors at the end of October in Almería, will go on sale in coming weeks with an estimated valuation of 160 million euros. Bogaris, the owner of the project, has decided to put it on the market before its opening and the resolution of a lawsuit filed by the executive Tomás Olivo, who is challenging the construction license granted for the complex.

Torrecárdenas will have a gross leasable area of more than 60,000 square meters and, just over two months before its inauguration, already has an 85% occupancy, from operators such as Primark, Inditex, Media Markt, Sfera, Mercadona and Yelmo. The centre will have about 20,000 square meters of retail park and about 42,000 meters of shopping gallery.

The complex, with several elements inspired by film production, was designed by the architectural studios of Chapman Taylor and Arapiles Arquitectos. Along with the stores, the centre will have more than 3,000 parking spaces.

Sector sources note that, with a purchase price of 160 million euros, the centre will offer a return of between 6% and 6.5%, considering a net income of around 2.5 million euros per year. Savills-Aguirre Newman will be exclusively in charge of the sale and is confident that it can be concluded before the end of the year.

Specializing in the development of large commercial, logistics and industrial areas, Bogaris has developed more than 700,000 square meters of GLA in 94 projects in Spain, Portugal, Bulgaria and Romania. The Seville-based company, controlled by the Charlo family, has developed other shopping centres such as the Aleste Plaza, in Seville, and the Loures shopping mall, in Portugal.

Possible buyers

Sources close to the sales process cite operators such as Castellana Properties, ECE and the alliance between Sonae Sierra and JT Real Estate as potential buyers of the new centre. However, not too many potential buyers are expected to appear.

While the high occupancy is one of the centre’s advantages, the disadvantages include the lack of track record for the new centre in Almeria, since it is being put on sale before its opening, and the litigation surrounded the construction license granted by the Almería city council.

Last November, the city council paid 2.6 million euros to Bogaris complying with a ruling that determined that a new reparcelling project had to be carried out on the centre’s land. The lawsuit, filed by Mr Olivo, is now with the Superior Court of Justice of Andalusia.

Original Story: EjePrime – P. Riaño

Translation: Richard Turner

 

 

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