25 January 2019 – Eje Prime
Eurofund is taking another step towards making the Torres Salses retail park a reality. The company is finalising the incorporation of a partner into its project in Lleida, which will result in a global investment of between €80 million and €100 million. In parallel, Eurofund has now started to market the retail park.
According to explanations provided by sources in the sector speaking to EjePrime, the group is finalising the signing of an agreement with a capitalist partner to handle the investment that the complex will entail. It is a typical move within Eurofund’s strategy, which typically turns to partners to finance investments whilst the fund manager itself takes care of the management.
In parallel, Eurofund has now started the marketing phase of the retail park in Lleida, which will have a surface area of 56,000 m2. The company has started making contact with operators in the leisure (cinema), restaurant, DIY, furniture, gym and food sectors, typical firms in these types of developments.
The Torres Salses project, whose construction will begin in the autumn (2019), is located between the Magraneres and La Bordeta neighbourhoods of Lleida. The complex will become one of the few commercial and leisure spaces in the area.
Last October, Eurofund received the green light from the plenary of the Town Hall of Lleida to undertake the project. In December, Eurofund Parc Lleida signed an urban management agreement with the Town Hall to execute the widening and lengthening of the Víctor Torres road and the modification of the urban planning order for the Sur 42 sector of Torre Salses.
Subsequently, in the middle of December, Eurofund made effective the purchase from Sareb of 140,000 m2 of land in Torre Salses (Lleida). The purchase, carried out through Eurofund Parc Lleida, was completed after Eurofund successfully navigated Sareb’s processes, in particular, those relating to overseas investments.
Following those processes, Eurofund is now just waiting for the commercial licence to be granted for the retail park.
Grupo Eurofund currently owns retail assets amounting to more than €3.5 billion, including centres that it has constructed, as well as those still under construction. The fund manager was founded in 1994 and its first major development was Parc Vallès, in Terrassa (Barcelona).
The company is the owner of complexes such as Puerto Venecia in Zaragoza, and has an alliance with the British operator Intu to develop new shopping centres in Málaga, Valencia and Vigo. Over the last eighteen months, Eurofund Capital Partners has converted almost €350 million into real estate operations in Spain.
Original story: Eje Prime (by P. Riaño)
Translation: Carmel Drake