Lar España Invests €250M In Mega Retail Complex In Sevilla

17 November 2016 – Expansión

Yesterday, the Socimi Lar España Real Estate presented its largest investment project to date, which will be built in Sevilla. The project will involve the construction of the Palmas Altas retail and leisure complex, which will be built on a plot of land measuring 123,500 m2 in the Andalucian capital. It will create 3,300 jobs in total, with a further 1,500 jobs during the construction phase.

The company expects the construction work at the site, which is located next to the district of Los Bermejales in the south of the city, to take approximately two years, which means that the largest shopping centre in the city, and one of the largest in Andalucía, will likely open in the spring of 2019. (…).

Almost two hundred brands have already said they want to open stores in the future shopping centre, the design of which prioritises sustainability and accessibility, according to its developers. The commercial and leisure area will cover 100,000 m2 of the plot, and will have space for 150 retail units, cinemas, green areas and restaurant spaces with various cuisines on offer, as well as children’s playgrounds, look outs, and a 6,000 m2 lake for recreational use, sporting activities and cultural events. (…).

The Socimi Lar España currently owns 26 real estate assets, worth €1,201 million in total. Of those, €901 million correspond to the fourteen shopping centres that the group owns in 13 provincial capitals all over Spain, including Madrid and Barcelona. It also owns four office buildings in those two cities, worth €168 million.

Original story: Expansión (by Nacho González)

Translation: Carmel Drake

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