C&W: New Retail Park Openings in 2018 Set to Exceed Those Registered in 2017 by Five-Fold

7 June 2018 – Eje Prime

Out-of-town retail parks are seducing the sector. Planned openings of retail parks in Spain this year span a surface area of 180,000 m2, which represents an almost five-fold increase compared to the 38,000 m2 registered in 2017, according to data analysed by the real estate consultancy firm Cushman&Wakefield. Specifically, the investment volume over the last 12 months in this segment amounted to €650 million, with a prime yield of 5%.

During this period, the Vidanova Parc project, in Sagunto (Community of Madrid) is the largest planned opening for the year with a gross leasable area of 45,000 m2, followed by the Torrevillage retail park (Zaragoza), with 35,000 m2 and Jaén Plaza (Jaén), with 29,000 m2. In addition, a further seven retail parks, with a combined GLA of more than 10,000 m2 are in the pipeline.

The consultancy firm has identified an increase in the demand for secondary retail parks in light of the shortage of available prime locations, greater activity in the home and decoration sectors and the consolidation of omnichannel sales

In this way, the firm highlights traditional operators such as Leroy Merlin, Ikea, Media Markt and Maison du Monde, which have expanded their presence towards the centre of cities in spaces measuring between 1,500 m2 and 4,000 m2, in search of more urban demand, with new ways of consumption and a lower dependence on cars.

On the other hand, rents remain stable in both prime and secondary retail parks. Thus, in Madrid, they amount to €21.50/m2/month and in Barcelona, they cost €18/m2/month for prime parks.

Original story: Eje Prime 

Translation: Carmel Drake

Lar España Secures Financing To Build Vidanova Parc Shopping Centre

22 September 2017 – Observatorio Inmobiliario

Lar España Real Estate has signed an agreement for the financing of the Vidanova Parc shopping centre located in Sagunto (Valencia). Under the terms of the contract, CaixaBank has granted the Socimi a €24 million loan to fund the construction of the shopping centre.

Building work on the shopping centre started in August last year, once the necessary preliminary phases had been completed to clean, prepare and urbanise the land. Vidanova Parc is expected to open its doors during the first half of 2018. The shopping centre will have a surface area of 120,000 m2, of which 44,252 m2 will be dedicated to retail and leisure. The centre will also have a car park with space for more than 2,300 vehicles.

Lar España says that more than 85% (of the space) at Vidanova Parc has already been leased. Specifically, the shopping centre’s future tenants include Leroy Merlin, Decathlon, C&A, Worten, Norauto, Burger King, Fifty Factory, Yelmo Cines and Urban Planet, along with another 30 brands to complement the food, sport, DIY, fashion, entertainment and leisure offering.

Sergio Criado, CFO at Lar España, highlighted his “satisfaction at having secured this new financing agreement, which is one of several to have been signed over the last few months, and which demonstrates the appeal of Lar España’s properties. In the case of Vidanova Parc, it also represents support for what is going to be one of the most important shopping centres in the region”.

Lar España’s investment in the project will amount to €53 million in total, in addition to the €40 million that the operators moving into the shopping centre are planning to invest. The complex will generate 1,000 jobs in total, split between direct and indirect roles, and the construction phase will create another 200 jobs.

Lar España Real Estate currently owns 31 real estate assets, whose value amounts to €1,448.2 million, of which €1,040.8 million corresponds to shopping centres, €178.6 million to office buildings, €83.3 million to logistics assets and €145.4 million to assets under construction, such as Vidanova Parc.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

Mercadona Buys 3 More Logistics Plots In Sagunto

12 June 2017 – Expansión

The Parc Sagunt industrial estate, which has been dormant for years and which has been promoted by the Sepi and the Generalitat Valenciana, is set to become one of the main logistics centres of the supermarket chain Mercadona.

In December, the group announced the purchase of the largest plot on the estate, measuring 358,000 m2 in total, for the construction of a buffer warehouse. On Friday, the Board of Directors of Parc Sagunt – in the Valencian town of Sagunto – announced the sale of another three, smaller, plots to Mercadona. Together, these latest plots cover a surface area of 211,000 m2.

The operation in December saw Mercadona pay €24 million, whilst the acquisitions announced on Friday amounted to €17 million. As such, to date, the chain has spent €41 million buying plots of land in Parc Sagunt. Oriol Montanyà, Logistics Director at Mercadona, said that these plots “will serve to complement the future requirements that may arise at the main warehouse that the company plans to build with service, grouping and packaging warehouses”.

Cluster of suppliers

The idea that Parc Sagunt could end up being a logistics cluster for Mercadona’s suppliers is gaining momentum, given that, on Friday, the industrial estate also approved the sale of another plot of land, measuring 16,000 m2, to the company Vostok, which is going to pay €1.4 million. That company has very close links with Mercadona, given that it collaborates with (…) its integrated supplier Patatas Lázaro, which works almost exclusively for the supermarket chain.

Original story: Expansión

Translation: Carmel Drake

Lar España Invests €53M In Shopping Centre In Sagunto

29 September 2016 – Mis Locales

Lar España Real Estate has presented its plans for “VidaNova Parc”, a new project in which it plans to invest €53 million and which will open its doors in 2018.

VidaNova Parc has been presented with a surface area of 120,000 sqm, of which 44,000 sqm corresponds to the gross leasable area and the rest to open spaces, roads, gardens and parking spaces. It is being created to bridge a gap in the current market and will become a unique shopping centre and family leisure complex in its immediate environment. Around 250,000 inhabitants live in its catchment area (…).

Lar España’s investment in the project is expected to amount to €53 million, in addition to another €40 million that the operators moving into the shopping centre will have to invest. The complex will open its doors in 2018.

The site has a leasable surface area of 44,000 sqm.

With the launch of the construction work at VidaNova Parc, the first operators in the main consumer sectors have already been confirmed, including Leroy Merlín, Decathlon, C&A, Worten, Norauto, Burger King and Fifty Factory (Cortefiel Group). They will be joined by more than thirty brands….in this new shopping centre and leisure park. In addition, the centre will have 2,300 parking spaces.

José Manuel Llovet, Head of the Retail Area at Lar España Real Estate, has highlighted the strong presence of the company in the country through its ten shopping and leisure centres and the two projects that it has under construction. “Our mission, which is a major business priority, is to consolidate our activity in Spain; we want to grow with it, generate wealth, promote employment, and whereby boost the sector and innovate in the field of shopping and leisure”.

Original story: Mis Locales

Translation: Carmel Drake