22/05/2014 – Expansion
Venezulean Sambil with 50 year experience on the market has decided to make a huge jump to the European continent. After eyeing Spanish opportunities since 2010, it decided to buy the Avenida M40 shopping center in Madrid at the end of 2012.
The property is situated in Leganes near Madrid, adjacently to the M-40 ring road, and formerly belonged to fund Sonae (50% owned by Portugese Sonae Sierra). Since going bankrupt in 2011, the shopping park has remained closed.
Arnold Moreno, director of Sambil in Spain, explains “the property´s price and localization seemed very attractive to us, as every day around 120.000 vehicles pass by the center”.
Sambil paid €17 million for the 140.000 constructed square meter shopping mall with commercial area of 44.000 square meters and 2.400 parking spaces. “We are going to invest another €12-13 million in the building refurbishment until a cap of €45-50 million input. At opening, about 2.000 people will get a job in the center”.
The new establishment will open its doors in October or November 2015, just before Christmas. One of the greatest attraction of the shopping mall will be the “windoor” or “indoor skydiving”. Moreover, outlet shops will occupy the entire first floor of the building, while the second floor will be converted into a passable terrace.
Original article: Expansión (by Rocío Ruiz)
Translation: AURA REE