The Intu Costa del Sol project is designed to occupy a terrain in the Spanish city of Torremolinos (within the community of Malaga) and should become the leader within the shopping resorts concept, reveals Spanish newspaper Cinco Días. This means that this complex will include not only retail but also 2 hotels, 70 restaurants, several leisure areas and areas dedicated to events and conferences. It will also feature 250.000 sqm dedicated to parking areas and gardens.
According to the company’s calculations, in order to build this shopping centre, it will need around 700 million euro. The sale of the terrain along with the project is close to 250 million. American bank Eastdil Secured will broker the final operation, whichever it may be, advances the newspaper.
Besides this shopping centre, the company has two more on the market: it owns half the shares of Intu Asturias and 50% of Intu Puerto Venecia, located in Zaragoza. UBS and CBRE are in charge of advising these operations, mentioned the same newspaper.
The British real estate company specialised in this sector is currently in a delicate financial situation, due to its bank debt which reaches 5.700 million pounds, as well as by the devaluation of its shares on the Stock Exchange.
Photo: Intu Group