Alicante’s Shopping Centres: Musical Chairs

24 October 2016 – Valencia Plaza

The shopping centre map in Alicante and its metropolitan area is entering a new phase of transformation during which we can expect to see sales, changes in management, extensions and even the entry of new players into the market, in addition to the likely arrival of Ikea in the city.

And the first change may come before the end of 2016. It involves the sale of the complex led by Poniente’s platform, Panoramis, owned until now by the company Marina de Poniente, which is controlled by the constructor Enrique Ortiz following the departure of Vectalia in 2014. Eighteen years after the centre opened, the company has been forced to get down on its knees and file for liquidation, after failing to comply with the creditors’ agreement that it reached in 2012.

In July, Commercial Court number 1 authorised that an auction may be held for the business unit (in short, the concession to operate the property, owned by the Port Authority) with the aim of generating revenues to cover the debt. So far, up to four solvent investors have expressed their interest in submitting offers to take over the management and operation of the centre for 12 years with the option of extending that period for another 12 years. (…). The centre has 54 units and a multiplex cinema. (…).

In parallel, talks are underway regarding the ownership of the Puerta de Alicante shopping centre in the neighbourhood of La Florida. According to sources in the sector, the French group Klépierre – which has owned 83% of the shares since 2002 – has been sounding out its possible sale since the spring. (…). The complex has a surface area of more than 34,000 m2 spread over 74 retail premises and a cinema multiplex. According to information available on the website, only 28 of its units are currently occupied. The centre contains a Carrefour hypermarket and the French retailer controls the remaining 17% of the centre’s shares.

The third change is expected in the Gran Vía shopping centre, the first retail offering of its kind to open in the provincial capital (in 1998). Its owner, a fund linked to Deutsche Bank – RREEF Investment GMBH – is considering either a change in terms of its operation or the inclusion of new shareholders into its capital. (…). The complex contains 65 retail and restaurant spaces spread over three floors. The low turnout of spectators forced the centre to shut down its cinema screens, but the centre was recently remodelled and the firm Primark has now moved in, which is boosting activity once again.

In other developments, The Outlet Stores de San Vicente centre, the only outlet that specialises in out-of-season products in the whole province, is also undergoing changes. The fund Zaphir Asset Management took over its reins in 2013 after purchasing the asset from the German bank Eurohypo for €9 million. (…). The centre has a retail surface area of 36,500 m2 and contains 75 fashion, leisure and restaurant units, as well as a cinema complex. Its owner is now considering a future expansion, which could involve the construction of another 70 units during 2017. (…).

And finally, permission has been granted to facilitate the opening of an Ikea store in Rabasa (accompanied by land for between two and four retail outlets), the subsidiary of the Fuertes Group, Profusa, has set out plans to construct a shopping centre measuring around 40,000 sqm in the El Mesell area, in the municipality of El Campello (…), however, final approval is still pending.

Original story: Valencia Plaza

Translation: Carmel Drake