19 October 2016 – Inmodiario
Corpfin Capital Retail Parks, a vehicle managed by Corpfin Capital Real Estate (CCREP) has acquired a plot of land in the municipality of Alcorcón, in the Community of Madrid. The plot has a surface area of 13,501 sqm and an above-ground buildable area of 8,000 sqm. It is located on the main avenue of Ensanche Sur, a new development area in the town.
The objective of the investment vehicle is to construct a retail complex that it hopes will bring life to a neighbourhood that does not currently have any retail offering. The project forecasts an investment, including land purchase and construction costs, of approximately €11 million.
The vehicle has already signed a contract with Supermercado Simply to open a 4,000 sqm store on the site. The rest of the complex (the remaining 4,000 sqm) is still being marketed and advanced negotiations are being held with several operators.
The firm considers this project to be an important stimulus for the area, given that it expects it to create around 100 direct jobs.
Corpfin Capital Retail Parks was created with the aim of acquiring land in Spain, on which to manage, develop and construct shopping centres (Retail Parks) and to subsequently lease the assets to first rate operators.
The vehicle, which has an investment capacity of almost €45 milliion, represents a way of allowing Corpofin Capital Real Estate to diversify its business, which has been focused until now on the acquisition of prime retail premises in Spain’s main cities. In this way, the company is backing a different niche in the market, namely: retail parks.
This represents the vehicle’s second operation and its first in the Community of Madrid, following the inauguration of the Las Moruchas Retail Park in Ávila in June. (…).
Original story: Inmodiario
Translation: Carmel Drake