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Lopesan and Satocan bid for BBVA shopping centre

Posted by: In: Real Estate 10 Aug 2017 Comments: 0 Tags: , , , , , , , , , , ,
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9 August 2017

Two companies from the Canary Islands, Lopesan and Satocan, investors in the Sacyr construction company, will jointly bid for the El Muelle shopping centre located in Las Palmas and owned by BBVA. Another company from the Canary Islands, Germán Suárez (Astican and Astander), will participate in the deal, along with the Syrian investor Amid Achid (Almacenes Número 1). They are offering roughly 15 million euros for the 90,000-square meter centre. The total investment, including renovations, would rise to 35 million euros, as confirmed by Amid Achid to Expansión.

Lopesan belongs to the tourism entrepreneur Eustasio López, who acquired 2.44% of Sacyr this year. Juan Miguel Sanjuán (Satocan) maintains a stake with Demetrio Carceller (Disa-Damm), with almost 15% of the construction company.

Having almost closed nine years ago, El Muelle managed to become a key part of the tourist development of Las Palmas. The 90,000 square meters in the port area have received investments of 100 million euros. The most prominent is the German company Kiessling (Loro Parque), which invested €60 million to develop one the largest aquariums in Europe, next to El Muelle.

The shopping centre was inaugurated in 1989 by Riofisa. A decade later, in a state of advanced deterioration, the centre was sold to Caixa Catalunya, and then Sareb, which in turn sold it to BBVA. Riofisa agreed with Amid Achid to manage the centre. The president of the Port Authority, the socialist Luis Ibarra, extended the concession term until 2029. El Muelle, which is next to the cruise ship terminal, was valued at 90 million before the housing bubble burst. The centre has a supermarket owned by the group HD-Dinosol, a leader in the Canary Islands, and is also home to stores including Inditex, Cortefiel, Benetton, Pepe Jeans, Fund Grube, McDonald’s and Burger King.

Competition

The islanders are trying to accelerate negotiations with BBVA before the inauguration of a new shopping centre in Las Palmas, owned by the Domínguez brothers (co-owners of Dinosol).

The centre will be called Alisios and was designed by the same architectural office that designed El Muelle, Champ Taylor. Alisios, with an investment of 150 million euros, will have 120 shops, 2,500 parking spaces and 70 restaurants. It will employ 1,500 people.

In addition to El Muelle, other shopping centres such as Las Ramblas, La Minilla and Siete Palmas (all three include a Mercadona supermarket and are very close to Alisios) could change hands.

Original Story: Expansión ProOrbyt / José Mújica

Translation: Richard Turner

The post Lopesan and Satocan bid for BBVA shopping centre appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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