We offer all the tools necessary for landing the full scope of business you really deserve.
Feel free to call us: +34 617 369 878

Compagnie Secures Financing for Spain’s Largest New Shopping Centre

Posted by: In: Real Estate 29 Nov 2017 Comments: 0 Tags: , , , , , , , , , , ,
.

28 November 2017 – Expansión

Yesterday, the French group Compagnie de Phalsbourg managed to close financing, amounting to €157 million, for its first shopping centre in Spain: the Open Sky centre in Torrejón de Ardoz (Madrid), according to Expansión.

The establishment will have a gross leasable area of 85,000 m2, will house 100 stores, 3,500 parking spaces and a large garden area with a central lake.

To obtain the necessary resources for its project, Compagnie de Phalsbourg has resorted to non-bank financing through a competitive process. Sources close to the operation maintain that a single fund has subscribed 100% of the financing. According to the same sources, it is a fund based in the City of London, specialising in the real estate sector.

“This process is a boost for Spain because it shows that international investors, in this case, French and British players, see potential in Spain”, say financial sources. The crisis in Cataluña has not affected the process in this case, whose negotiations started long before the tension escalated in that regard.

The French group expects that Open Sky will be inaugurated by the end of next year. In fact, the first earth movement work has now begun and the land that Compagnie acquired for €110 million from the Town Hall of Torrejón in 2015 is being prepared (…).

The company has already signed agreements with around twenty fashion labels, accessories brands and service providers, including with many high-profile names such as Adidas, Reebok, Decimas, OVS, Okaidi, Merkal, Kiwoko, Orchestra, RKS, Celio, Encuentro Moda and Druni, amongst others. Moreover, the shopping centre will have 11 Cinesa cinema screens with capacity for 1,200 people and it has already signed agreements with restaurant groups such as the Vips group, with its five brands (Vips, Fridays, Ginos, Wagamama and Starbucks); the Zena group (Fosters and Cañas y Tapas) and the Restalia group (100 Montaditos and La Sureña).

Once Open Sky is fully operational, it is expected to generate approximately 1,000 new jobs in the region.

The Spanish investment boutique Alantra has served as the sole advisor to the operation for the French group. In addition, Alantra has advised the firm on three other projects in Spain. Meanwhile, Clifford Chance and Uría have been responsible for providing legal advice (…).

Original story: Expansión (by Andrés Stumpf)

Translation: Carmel Drake

The post Compagnie Secures Financing for Spain’s Largest New Shopping Centre appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

LinkedInFacebookTwitterGoogle+PinterestShare

Sorry, the comment form is closed at this time.