The Way Dos Hermanas Retail Park Postpones its Opening due to Covid-19

The retail park owned by Kronos Properties is 94% complete, but the Covid-19 situation has caused its opening to be delayed until the autumn.

Way Dos Hermanas, the commercial project owned by the real estate company Kronos Properties, has postponed its opening due to the health crisis caused by Covid-19. Now, the firm led by Saïd Hejal is planning to open the doors of the retail park between the end of September and the beginning of October, whenever the situation allows. This decision has been made in agreement with the project’s main tenants, according to the company.

Way Dos Hermanas is in a very advanced state of construction – 94% complete -, but the Covid-19 situation has made it difficult for equipment to be moved between cities and a significant number of future operators have not been able to resume their work. Likewise, “the retail park wants to ensure that the inauguration is performed with the utmost regard for the safety of workers and customers, which has motivated its opening to be delayed.” Building work at the site has now been resumed in accordance with the new health and safety measures decreed by the authorities.

Ores has Invested €362.5M in 35 Assets Across the Iberian Peninsula

16 April 2019 – Eje Prime

Ores, the Socimi owned by Bankinter and Sonae Sierra, has invested €362.5 million in 35 assets across the Iberian Peninsula since its creation, according to a report filed by the company with the Alternative Investment Market (MAB) at the end of Q1 2019.

During the first quarter of this year, the company purchased a retail store in Burgos with a gross leasable area of 724 m2 for €5.2 million.

The company’s portfolio comprises hypermarkets (28.1%), mini-hypermarkets (17.8%) and retail parks (15%), amongst others. Its assets are located mainly in Madrid and Barcelona, as well as in prime areas of provincial capitals.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Mazabi’s Subsidiary Atalaya Acquires a Retail Park outside Pamplona

25 March 2019 – Eje Prime

Atalaya Superficies Comerciales, the investment vehicle owned by the Mazabi Group, has purchased a retail park in Olaz (Navarra) from Velacapital Inversiones.

The asset, which has a surface area of 22,728m2, of which 12,000 m2 are leasable, is located 3km from Pamplona. Its tenants include McDonalds and La Tagliatella.

Atalaya, whose corporate purpose is to build retail and turnkey products for commercial operators, has now invested €30 million since its creation in October 2018 and so is considering a capital increase.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Ten Brinke Acquires a Commercial Plot in Tarragona for €14M

13 March 2019 – Eje Prime

Ten Brinke has purchased a plot of land in the future neighbourhood of Ponent, in Tarragona for €14 million, where it plans to build a retail park.

The Dutch company, which specialises in the promotion of retail parks and residential complexes, fought off competition from the Andalucían firm Bogaris to acquire the site, which has a buildability of 68,000 m2. The vendors were a group of entities including Banco Sabadell and the Town Hall of Tarragona.

Last month Ten Brinke acquired a 50,000 m2 plot in Ciempozuelos (Madrid) for the development of a new retail park. The firm has been present in Spain for ten years.

Original story: Eje Prime

Translation: Carmel Drake

Dutch Firm Ten Brinke Buys 50,000 m2 in Ciempozuelos for New Retail Park

20 February 2019 – Eje Prime

New investment by Ten Brinke in Spain. The Dutch company dedicated to the development of residential properties and retail parks is going to build a new shopping complex in Ciempozuelos. The company has acquired a plot of land spanning 50,000 m2 and, over the next few weeks, it is going to begin work on the urbanisation of the future space. The new retail park will be a commercial hybrid with operators from the food, leisure and restaurant sectors, amongst others, although the company has not yet set a date for its future inauguration.

This project will join the one that the company is building in the Bahía de Cádiz with an investment of €20 million. There, Ten Brinke Desarrollos is building a new retail park on the Batería de la Ardila road, on the site of the former Tiro Janer industrial estate in the municipality of San Fernando. In that case, the property developer expects to finish the building work in 2020, and to open the complex the same year (…).

Ten Brinke Group is a Dutch multi-national with 115 years of experience in the development of residential properties and retail parks. It has been present in Spain for more than ten years and has offices in Madrid and Barcelona. The company also has offices in Germany, Portugal, the United Kingdom and Greece. On the global scale, it generates turnover of more than €950 million and has more than 950 employees, according to the latest data available on the company’s website (…).

Original story: Eje Prime (by Roger Arnau)

Translation: Carmel Drake

Eurofund Finalises the Entry of a Partner into its Project in Lleida & Starts Marketing

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

Pelayo Capital to Create a New Breogán Park with an Investment of >€60M

15 January 2019 – Eje Prime

Pelayo Capital is throwing itself into the Spanish retail sector during its second year of life. The Galician family office, which is currently working on the conversion of the Dolce Vita shopping centre in A Coruña into a retail park, is planning to replicate the project in other Spanish cities with an investment of more than €90 million, according to Íñigo Veiga, CEO of the company, speaking to EjePrime.

Similarly, the group wants to add high street stores to its portfolio of assets during the course of this year. In this sense, Pelayo Capital is on the hunt for properties located in Madrid, Galicia and Asturias, in particular, in which it plans to invest at least €1 million. “We are not ruling out other cities either, given that our strategy involves working hand in hand with retailers”, said the director.

Breogán Park is the company’s star project, an asset in which the company is going to invest €60 million and which will be inaugurated in the spring of 2021. It is the first project undertaken in Spain to involve the demolition and conversion of a shopping centre into a retail park. “The initiative that takes advantage of the demand for these types of assets in many cities around the country”, said the executive.

The surface area, spanning 45,000 m2, will have 2,500 parking spaces and used to house the Dolce Vita shopping complex until 2014. “It is a great opportunity to build a retail park in A Coruña; we are not going to find any others because there is no land available in the city on which to build a retail park of this size”, explained Veiga.

Pelayo Capital is looking for ways to handle the maturity of shopping centres and the boom in e-commerce in Spain by committing itself to retail parks and commercial premises located on the most prime streets. For this reason, the company has just purchased its first asset at number 103 Calle Hermosilla in Madrid, revealed the director.

“We do not have an investment objective or commitment, because we believe that pressure can lead to errors”, explained Veiga. Saddled between Galicia and Madrid, Pelayo Capital has the support of investors with different profiles and is not averse to the idea of backing the logistics or residential markets in the long term.

The company was created in 2017 hand in hand with Breogán Park, a project that launched it into the midst of the Spanish real estate sector. Although it is also working on the rehabilitation of a residential building in A Coruña, Pelayo Capital has placed its focus on retail and for that reason, it has hired Luis Íñiguez, former director of JLL’s retail division in Spain, as senior advisor to the company.

Original story: Eje Prime (by Berta Seijo)

Translation: Carmel Drake

GGC Acquires El Mirador de Jinámar Shopping Centre for €45M

30 November 2018 – Eje Prime

General de Galerías Comerciales is now the owner of El Mirador de Jinámar. The Socimi led by the Murcian businessman Tomás Olivo has acquired the commercial complex located in the Canary Islands for €45 million. The company has been advised by Cushman & Wakefield during the operation.

El Mirador de Jinámar is the largest retail space in the Canary Islands. The asset has a total surface area of 50,000 m2, of which 11,300 m2 is dedicated to the first hypermarket that Eroski opened in the region. In fact, the Spanish supermarket chain is one of the drivers of the complex, together with the property developer Ambrosio Jiménez.

Since November 2010, the Mirador de Jinámar has housed a total of 120 establishments in its commercial area. Distributed over two floors, some of the tenants of the property include firms from the Inditex group, as well as H&M, Cortefiel and Primark (whose store exceeds 5,000 m2, making it the Irish company’s largest in the Canary Islands).

The complex is located in Jinámar, a neighbourhood located between the municipalities of Las Palmas de Gran Canaria and Telde, the two most important cities on the island. The complex also has a parking area with capacity for more than 40,000 vehicles. In a second phase, which is still pending, the centre is planning to expand its offer to include 45,000 m2 of additional space, which will be allocated to DIY and homeware firms (…).

Meanwhile, General de Galerías Comerciales made its debut on the Alternative Investment Market (MAB) in July 2017. The company has twenty years of experience undertaking its activity right across the value chain, from the purchase of land to the management of assets.

The main assets in its portfolio are retail parks and shopping centres in Spain, such as La Cañada (Marbella), Mediterráneo (Almería), Mataró Parc (Mataró), Gran Plaza (Almería), Las Dunas and Nevada Shopping (Granada). The company also has an extensive portfolio of residential assets and retail premises, as well as land, primarily in the south of Spain. When the company made its debut on the MAB, its portfolio of assets was worth €1.9 billion.

Original story: Eje Prime 

Translation: Carmel Drake

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

Zambal Approves Merger with Iberia Nora & Completes €80M Capital Increase

12 September 2018 – Eje Prime

Zambal has approved its merger with Iberia Nora and has given the green light to its capital increase. Following the General Shareholders’ Meeting, the company managed by IBA Capital has notified the Alternative Investment Market (MAB) that it is going to carry out its integration with the other Socimi, which specialises in the rental of real estate assets.

In addition, Zambal has confirmed the €80 million capital increase that it announced in July. It will conduct it through the issue of 80 million shares with a nominal value of €1 and an issue premium of €0.25, which “will be fully subscribed and paid up through the compensation of loans”.

The capital increase has been fully subscribed by the Socimi’s majority shareholder, Altaya, headquartered in Singapore, which owns 95.21% of the share capital. Of the remaining 4.79%, 4.40% corresponds to Loire Investments Pte. Ltd, also domiciled in Singapore and 0.39% is treasury stock.

The Socimi, which started life in 2013, is an investment vehicle managed externally by IBA Capital Partners. The company specialises in the investment, and subsequent management, of offices and retail assets in cities such as Madrid and Barcelona, although the company also considers other assets such as nursing homes for the elderly, hospitals, retail parks and logistics platforms.

In a recent operation, Zambal purchased two office buildings on Calle Albarracín in Madrid, leased to the French multi-national firm Atos. That operation involved an investment of €38 million.

Without resorting to bank financing, Zambal has constructed a portfolio worth more than €730 million. Some of the company’s other main assets include, for example, the property at number 77 Avenida San Luis (which is home to Gas Natural’s headquarters in Madrid); the Edificio Vodafone, on Avenida de América; and the building at number 118 Avenida Burgos, which is leased in its entirety to BMW.

Original story: Eje Prime

Translation: Carmel Drake