19/11/2014 – Expansion
Simon Property Group, the owner of outlets and shopping centers known all around the world, has just sealed its first investment in Spain. Through its arm McArthurGlen, controlled by Simon Properties and Kaempfert, the U.S. giant will develop an outlet dominated by high-end clothing brands in Malaga.
McArthurGlen teamed up with Portugese retail expert Sonae Sierra, holding and managing several establishments in Spain (e.g. the Plaza Mayor, Malaga, or the La Farga, Barcelona). The joint venture will pile up €115 million in funds.
The new mall will be developed in two stages. First, set to open in 2017, assumes creation of a 17.000 square meter gross lettable area (GLA), will see an investment of €70 million. The works will start in the second half of 2015. In the following phase, 13.000 square meters will be developed for a total of €45 million.
The outlet will have 90 stores and will be located adjacently to the Plaza Mayor unit of Sonae Sierra.
Original article: Expansión (by R. Ruiz)
Translation: AURA REE
Source: AURA Real Estate Experts