Bogaris Invests €25M in its New Shopping Centre in León

31 October 2018 – Eje Prime

Bogaris is on a roll in Spain following the opening of the Torrecárdenas shopping centre last week. The company, which specialises in the development of large commercial, logistics and industrial spaces, has invested €25 million in the development of its new shopping centre in León, according to comments made by the company’s Director General, Javier Marín, to Eje Prime.

The plot on which the Reino de León shopping centre is going to be located spans a total surface area of 54,000 m2. Of that space, Bogaris’s project will occupy a gross leasable area (GLA) of 26,000 m2, and tenants have already been identified for more than half: Leroy Merlín will occupy 10,000 m2 and Decathlon is going to lease another 4,000 m2.

The Reino de León shopping centre will also have other operators, such as Conforama, McDonald’s and Kiwoko. “We still need to find a tenant for an 800 m2 unit that we want to dedicate to the food sector”, said Marín. Nevertheless, the company is determined to start work on the construction of the complex between the end of this year and the beginning of 2019.

Bogaris also has another project underway that it is planning to start work on at the same time as Reino de León. That is a shopping centre in Lisbon, located on a plot with a buildable surface area of 23,000 m2 and around 45,000 m2 of land. In that case, the company has already confirmed Leroy Merlin, Conforama and the hypermarket chain Continente Modelo as tenants.

Currently, the group is working on other new projects, in the marketing and urban development phases, in Cataluña, Levante, Andalucía and Castilla y León. (…).

For the time being, the company wants to consolidate its presence in the Iberian Peninsula, although it does not rule out expanding overseas at some point (…).

With more than twenty years of experience, the group has its headquarters in Andalucía, the region where it began its activity, firstly by investing in the industrial sector and then in supermarkets (…).

Original story: Eje Prime (by B. Seijo)

Translation: Carmel Drake

Bogaris to Place Torrecárdenas on Market for More than €160 Million Just Before Opening

13 August 2018

The shopping centre in Almeria has more than 60,000 square meters of GLA. Potential candidates for the acquisition must consider the lack of a track record for the new complex and a lawsuit filed by executive Tomás Olivo.

A new operation is targeting the shopping centre sector. Torrecárdenas, a new centre that will open its doors at the end of October in Almería, will go on sale in coming weeks with an estimated valuation of 160 million euros. Bogaris, the owner of the project, has decided to put it on the market before its opening and the resolution of a lawsuit filed by the executive Tomás Olivo, who is challenging the construction license granted for the complex.

Torrecárdenas will have a gross leasable area of more than 60,000 square meters and, just over two months before its inauguration, already has an 85% occupancy, from operators such as Primark, Inditex, Media Markt, Sfera, Mercadona and Yelmo. The centre will have about 20,000 square meters of retail park and about 42,000 meters of shopping gallery.

The complex, with several elements inspired by film production, was designed by the architectural studios of Chapman Taylor and Arapiles Arquitectos. Along with the stores, the centre will have more than 3,000 parking spaces.

Sector sources note that, with a purchase price of 160 million euros, the centre will offer a return of between 6% and 6.5%, considering a net income of around 2.5 million euros per year. Savills-Aguirre Newman will be exclusively in charge of the sale and is confident that it can be concluded before the end of the year.

Specializing in the development of large commercial, logistics and industrial areas, Bogaris has developed more than 700,000 square meters of GLA in 94 projects in Spain, Portugal, Bulgaria and Romania. The Seville-based company, controlled by the Charlo family, has developed other shopping centres such as the Aleste Plaza, in Seville, and the Loures shopping mall, in Portugal.

Possible buyers

Sources close to the sales process cite operators such as Castellana Properties, ECE and the alliance between Sonae Sierra and JT Real Estate as potential buyers of the new centre. However, not too many potential buyers are expected to appear.

While the high occupancy is one of the centre’s advantages, the disadvantages include the lack of track record for the new centre in Almeria, since it is being put on sale before its opening, and the litigation surrounded the construction license granted by the Almería city council.

Last November, the city council paid 2.6 million euros to Bogaris complying with a ruling that determined that a new reparcelling project had to be carried out on the centre’s land. The lawsuit, filed by Mr Olivo, is now with the Superior Court of Justice of Andalusia.

Original Story: EjePrime – P. Riaño

Translation: Richard Turner