Redevco & Ares Invest €45M in the Renovation of Parque Corredor

26 September 2018 – Eje Prime

Redevco and Ares are pampering their new asset. Redevco Iberian Ventures, the joint venture between the two companies, is going to spend €45 million on the renovation of Parque Corredor, the retail complex in Torrejón de Ardoz (Madrid) that it purchased at the beginning of the year.

The owner expects the work to completely renovate the asset, which spans a surface area of 123,000 m2, to begin in 2019. Moreover, the company has already signed the renewal of Primark’s rental contract in the centre and is closing agreements for the incorporation of new chains.

The project will focus initially on the fashion area, creating new façades and accesses. It will also modernise the parking lot, which contains 4,000 parking spaces, and will renovate the common areas and the lighting.

The new design has been created by the architecture studio Chapman Taylor. The execution of the project will be led by the architecture studio Arpv and coordinated by Gleeds. Cushman&Wakefield is managing and marketing the retail spaces.

Redevco Iberian Ventures acquired 70% of Parque Corredor in February for €140 million. Another 20% is controlled by Alcampo and the remaining 10% is in the hands of small owners. Over the last twelve months, the complex has received 11 million visitors, 4% more than during the same period in the previous year. Its offer includes several Inditex chains, H&M, Mango, Kiabi and C&A.

Original story: Eje Prime

Translation: Carmel Drake

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