Syrian Investor Willing to Bring El Muelle Mall Back to Life

17/10/2014 – Expansion

The El Muelle retail park in Las Palmas (pictured) shut its doors seven years ago. Now, the 90.000 square meter mall has become the key part in tourism development for the capital of the Canaries.

The property was built on a plot belonging to an area under supervision of the Port Authorities. Opened in 1989 by Riofisa, a decade later it was repossessed by Caixa Catalunya. The entity came to an agreement with the current manager of the center, Syrian Amid Achid, who has been trying to buy the property ever since without success. The ownership of the mall fell into hands of BBVA which had absorbed the Catalonian entity earlier this year.

Presently, bids sumbitted for the El Muelle exceed €100 million. The most noteworthy seems the offer of the Kiessling group (Loro Parque) that intended €60 million for constructing in there one of the biggest aquariums in Europe.

Before the real estate bubbl burst, the shopping center was estimated to be worth of €90 million. Three years ago, its value dropped to €17 million and the amount could supposedly shrink even more as a new concession has been denied.

Since last week, the El Muelle has got a supermarket managed by the HD group, leader in the Canary Islands. The store has 1.900 square meters and it consumed €3 million of total investment.


Original article: Expansión (by José Mújica)

Translation: AURA REE