Lar Spends €6M on Renovation of Megapark Barakaldo Shopping Centre

10 April 2018 – Eje Prime

Lar is giving one of its assets a makeover. The Socimi owned by the Lar España group has started work on the complete renovation of the Megapark Barakaldo shopping centre, for the first time since its construction in 2004, which will involve an investment of €6 million, according to a statement issued by the group.

The shopping centre, which is owned by Lar España Real Estate Socimi, has been managed by Neinver since 2016. Neinver, which is directing the renovation work, is one of the leaders in the development and management of outlet centres in Spain and the second largest operator in Europe.

The renovation of Megapark is going to be carried out in two phases. Firstly, work will be undertaken in the retail space; this has already begun, without affecting the daily activity of the centre, and is due to be completed in November 2018. Subsequently, work will begin on the leisure area to modernise and unify its image with the rest of the park.

“During this first phase, the renovation of Megapark Barakaldo’s retail area will be reflected primarily in a more current image, which is going to be accompanied by the renovation of all of the façades, outdoor spaces and common areas”, explain sources at the group. For this, an urbanisation plan has been developed, which includes introducing urban design furniture and children’s areas.

The general remodelling of the centre is also being accompanied by the renovation of some of the retail stores such as those of Mediamarkt, Kiabi, Merkal and Forum, as well as the expansion of the Conforama store by 1,200 m2 to reach 6,200 m2.

Megapark Barakaldo is located fifteen minutes from the centre of Bilbao and is the only retail and leisure area of its kind in a 400 km radius. In 2017, it received more than 10 million visitors and it has a surface area of 128,000 m2.

Original story: Eje Prime

Translation: Carmel Drake

Bankinter & Sonae Sierra’s Socimi Buys Its First Two Assets

27 March 2017 – Observatorio Inmobiliario

Ores, the Socimi created recently by Bankinter and Sonae Sierra, whose main activity is the acquisition and management of commercial assets in Spain and Portugal, has acquired two out-of-town stores in a deal that represents its first acquisition since its debut on the market.

The two commercial spaces, located in Artea, Bilbao and in the Galaria retail park, in Pamplona, have a combined surface area of approximately 8,400 m2 and are leased to Forum, a retailer specialising in sports, which has a long-term lease contract following a sale & leaseback operation signed in 2010.

Savills, the international real estate consultancy, has advised an investment fund with an extensive track record in Spain on the sale-side. On the legal side, Eversheds Nicea has advised the vendor and Cuatrecasas the buyer.

Luis Espadas, Director of Capital Markets at Savills, explains that “the out-of-town store market continues to form part of the focus of investors. It is a segment that still has significant potential for growth in terms of GLA volume and new operators entering the market and where we are seeing new interested investors, such as in this case”.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake