Eurofund Gets Green Light for its Retail Macro-Project in Lleida

8 October 2018 – Eje Prime

Eurofund Group has been given the green light for its macro-project in Lleida. Last Friday, the plenary of the Town Hall of Lleida capital approved the commercial development of the Torre Salses project, a retail park complex with a surface area of 56,000 m2. The construction work is expected to begin in the autumn of 2019, according to comments from sources close to the operation speaking to Eje Prime.

The plots on which Torres Salses is going to be built are located between the Magraners and La Bordeta neighbourhoods and “will involve their integration with the city centre”, explained the spokeswoman for the municipal government, Montse Mínguez, recently.

After passing the Town Hall’s filter, Eurofund is now only awaiting the commercial licence to be able to start work on the development of the land. On 21 September, the Informative Committee for Management and Development Policies in the City and Sustainability for the Town Hall of Lleida reported favourably regarding the urban planning process for Torre Salses. It also endorsed both the execution of the widening and extension of the Víctor Torres road and the modification of the urban development order for SUR 42.

The Town Hall approved those files on the understanding that, amongst other aspects, the construction of the complex would strengthen interest in the area for the development of large areas of amenities in the neighbourhoods of La Bordeta and Magraners. Moreover, Eurofund will bear some of the costs of the work to build the roads to access the future retail park complex.

Similarly, the Town Hall trusts that the commercial macro-project will facilitate the development of residential projects, in particular, those dedicated to social housing units. According to the Town Hall of Lleida, Torre Salses will have an economic impact of €362 million on the city.

Owner of Puerto Venecia and Dolce Vita 

Eurofund currently owns more than €3.5 billion in commercial assets, including developed centres and those under construction. The fund manager was founded in 1994 and its first major development was Parc Vallès in Terrassa (Barcelona).

With the new upward economic cycle, the company led by Ian Sandford (pictured above) reactivated its investment in the commercial real estate market with Puerto Venecia, a mega shopping centre spanning 206,000 m2 inaugurated in Zaragoza in 2012.

Original story: Eje Prime (by J. Iquierdo & P. Riaño)

Translation: Carmel Drake

Corpfin Begins its Divestment Period by Placing Assets Worth €160M Up For Sale

23 March 2018 – Eje Prime

Corpfin Real Estate is rotating its asset portfolio. According to sources familiar with proceedings, the company has started to divest some of its assets, and to this end, has placed on the market commercial premises and out-of-town retail parks worth €160 million. Currently, Corpfin Real Estate manages four investment vehicles in the Spanish market.

“The investment strategy of Corpfin Capital Real Estate Partners includes the rotation of assets once they have reached their maturity period”, explain sources at the group. “Specifically, the two vehicles that Corpfin Capital Real Estate Partners is managing at the moment, Corpfin Capital Prime Retail Assets and Corpfin Capital Retail Parks, are nearing the end of their investment periods, and so the group has not ruled out divesting some of the assets owned by those vehicles”, they said.

Corpfin Retail Parks, a vehicle with an investment capacity of €150 million, specialises in retail products “with a high management component”. Meanwhile, Corpfin Capital Prime Retail Assets was created in 2011 and completed its investment phase in 2016.

In parallel, the company has been fattening up its portfolio with the investment vehicles that remain active. Through its vehicles Corpfin Capital Prime Retail II Socimi and Corpfin Capital Prime Retail III Socimi, the company purchased two commercial premises last year, in Madrid and Vitoria (…).

In addition, with Corpfin Capital Retail Parks, the company has also been purchasing assets until recently, although it still has a small percentage of its funds left to invest before it finalises that vehicle’s purchasing process. Corpfin’s most recent operations with CPRP include the purchase of a plot of land measuring 4,345 m2 from the General Foundation of Madrid’s University of Complutense.

For now, Corpfin has signed a contract to set up an Aldi supermarket on that plot, which will occupy a surface area of more than 1,200 m2 and which will be the chain’s first store in the municipality. The rest of the land is still being marketed.

Other operations undertaken by the fund include the Las Moruchas Shopping Centre in Ávila, inaugurated in June 2016, and the construction of a new shopping complex in Alcorcón (Madrid), which is currently under development.

New director general

In addition, this year, the group is also shaking up its management team and has appointed a new CEO for the Socimi. Ana Granado has served as the most senior executive of the company since February (…).

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake