Transaction / Assets Seller Buyer € MM
Phalsbourg To Build Macro Shopping Centre In Torrejón
23 December 2015 – Expansión
The French group has purchased a plot of land measuring 138,000 m2 from the Town Hall of Torrejón, where it plans to develop a huge shopping centre.
The French group Compagnie de Phalsbourg, which specialises in the promotion and management of shopping centres, has chosen Spain for its first international adventure. The company, founded by Philippe Journo, has completed the purchase of a plot of land measuring 138,000 m2 in the Madrilenian suburb of Torrejón de Ardoz, where it plans to construct a huge shopping centre. “After more than 20 years of experience in France, we have decided to expand overseas. We have looked at opportunities all over the world, including in: China, Russia, Italy, Romania, etc. In the end, we have decided to invest in Spain because now is the right time here…”, explains Raphael Martin, the Director General of Compagnie de Phalsbourg.
The French group has been awarded this plot of land, which is located next to the Torrejón air base, through a public tender. It will pay €15.4 million (plus VAT) for the site. “We have just completed the land purchase and we want to begin construction at the beginning of April, so that the tenants can begin to move in during 2017 and then open their doors between April and May 2018”, says Martin.
The new shopping centre, called Open Sky, will have a retail surface area of 65,000 m2, spread across 60 stores, plus 2,500 parking spaces. “It will be an open concept containing, for the most part, fashion chains with stores of between 50m2 and 500m2, distributed along a corridor that will run for more than than 1.5km”. Compagnie de Phalsbourg will invest €110 million in the centre and will create around 450 jobs.
This is not the only project that Compagnie de Phalsbourg has underway in Spain. The company is also working on the second phase of this project, which involves the construction of an outlet centre measuring around 22,000 m2, designed by the renowned architect Philippe Starck.
“In total, we are going to invest €170 million, plus the amount that the brands will spend opening their stores. Up to 800 people will work at our complex in Torrejón”.
In addition, the French group, which owns assets worth €1,200 million, is evaluating other projects in the Spanish market. “We are looking at other locations in Madrid, Barcelona and the País Vasco”.
Original story: Expansión (by Rocío Ruiz)
Translation: Carmel Drake