Baraka Seeks Tenant For Edificio España’s Shopping Arcade

9 March 2017 – Expansión

The Baraka Group is looking for a tenant for the 15,000 m2 retail space that it will open in Edificio España. Galerías Lafayette is holding negotiations with the Murcian group. El Corte Inglés and Printemps are also interested.

With less than a month to go before construction work begins at Edificio España, the Baraka Group already has suitors to occupy the first few floors of the building, which will house a shopping arcade. Galerías Lafayette is one of the parties interested in leasing and managing the retail space, which will have a surface area of 15,000 m2, spread over three floors and one basement area.

If it manages to reach an agreement with Baraka, Galerías Lafayette’s entry into Edificio España would also represent its arrival in Spain. The large Parisian department store already has four stores outside of France. (…).

The Baraka Group has also said that other parties are interested in leasing the retail space in Edificio España, including the French firm Printemps and El Corte Inglés. The group chaired by Dimas Gimeno already owns stores on Calles Princesa and Preciados, as well as in Callao, and so, a priori, this project is not strategic for the Spanish chain.

“Nothing has been agreed yet. We have received bids from lots of interested parties, some of them have been rejected and others are being considered. All of the major players in the world of retail are interested”, explained the President of the Baraka Group, Trinitario Casanova, yesterday.

The businessman emphasised that there is still plenty of time to analyse the bids. “The company is not going to receive any rental income for another two years, so there is no rush. The negotiations – some of which are in advanced stages – could take three to six months or even a year”.

In addition to the shopping arcade, the skyscraper will also house a hotel, which will occupy twenty-three floors, with around 700 rooms, as well as a sky bar on the roof, meeting rooms, themed restaurants and a swimming pool.

The Murcian group signed an agreement in July last year with the Wanda Group to buy the asset for €272 million, €7 million more than the Chinese Group paid Banco Santander for the property in 2014. (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

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