The Spanish subsidiary of Compagnie de Phalsbourg, a French group dedicated to investment, development and real estate management, has closed an agreement with the British fund Cale Street, for the financing of the the Open Sky shopping center project, in Torrejón de Ardoz (Madrid).
The British fund specializing in this type of financing, will cover part of the resources needed to achieve the project, while another part will be financed with the company's own funds. Alantra has advised the Phalsbourg Company in this financing operation, which has also received legal advice from Clifford Chance. Uría has advised the international fund.
Open Sky is the first project in Spain of Compañia de Phalsbourg, in which it will invest € 160 million and that will represent the creation of near 1000 jobs. It is an open shopping center of 85,000 m2 of GLA (gross leasable area), with 100 stores and 3,500 parking spaces, a large garden area and a central lake, with games of lights and water.
Compañia de Phalsbourg has already launched the first phase of construction of Open Sky and is working on the commercialization of the premises. The company reports that it has closed for the moment agreements for the equivalent of 40% of the GLA with different fashion, accessories and services companies such as Adidas, Reebok, Decimas, OVS, Okaidi, Merkal, Kiwoko, Orchestra, RKS, Celio, Encuentro Fashion, Druni, Alcott or Gutteridge among others.