French Guru To Build Giant Shopping Centre In Torrejón

25 April 2017 – El Confidencial

After four years of negotiations, the French multinational Compagnie de Phalsbourg has received the definitive green light to launch its first project in Spain. And it’s going to be a giant, with a gross leasable area of more than 100,000 m2, which promises to revolutionise the nature of shopping centres in the country.

The project will comprise an Open Sky complex and The Village outlet, two concepts that the French group has decided to combine in the same space for the first time in their history. Last week, the Town Hall of Torrejón de Ardoz granted the construction licence for the former, which had already received its urbanisation permit and, just three weeks ago, ING sold the French company the adjoining plot for the development of the outlet.

With these two milestones under its belt, Compagnie de Phalsbourg has put its foot down on the accelerator to begin construction of Open Sky next month and has already started marketing The Village. The aim of these two parallel lines of action is to inaugurate the complex in time for Christmas 2018 and to bring a new shopping centre concept to Spain, with the architecture taking on a starring role, including vast green spaces and water games.

The project presents a real challenge for this area in the northeast of Madrid, which just a few weeks ago saw the rejection of another major investment that had planned for this area, Cordish’s new Eurovegas, by the President of the Community, Cristina Cifuentes. The French group’s project, on the other hand, has already received the blessing of the local administration, which will allows it to enter and compete at the height of a period of transformation in the sector, following changes of ownership and the relaunch of Plenilunio, Cuadernillos and Alcalá Magna, as well as the upcoming sale of Parque Corredor.

The new Open Sky, designed by the architect Gianni Ranaulo, will be an outdoor shopping centre, with a gross leasable area (GLA) of 80,000 m2, containing 100 stores and 3,500 parking spaces, where numerous fashion houses will sell their wares along a walkway measuring more than 1.5 km The site will also have a navigable central lake, where light and water games will be held.

New giant

50% of the retail space has already been leased to firms such as Merkal, Adidas, Reebok, Soloptical, Kiwoko, Orchestra, Druni and Movistar, and an agreement with the Inditex giant is pending confirmation. (…).

Meanwhile, The Village, an outlet designed in the style of a villa by Philippe Starck, will cover a surface area of 22,000 m2 and will house 120 stores and restaurants, and 1,500 parking spaces. (…).

With these two developments, in which Compagnie de Phalsbourg plans to invest more than €100 million, the French group is beginning its expansion plan in Spain, where it plans to spend more than €500 million launching around half a dozen new projects over the next few years.

Founded in 1989 by Philippe Journo, the French group owns assets amounting to €1,240 million, as well as shopping centres (in operation) covering 600,000 m2, and shopping centres under construction covering 350,000 m2 in France. With rental income of €72 million per year, the company focuses its activity on the development, management and sale of both shopping centres and residential complexes (…).

Original story: El Confidencial

Translation: Carmel Drake

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