Shopping Centre Parc Vallés | Photo: Frey
Up until now, the shopping centre was managed by several companies. Seeking to centralize the asset’s management, Frey Invest adjudicated the services to CBRE.
This shopping centre is located in Terrassa (Barcelona) and has a GLA of more than 47.000 sqm and 1550 parking spaces. It opened in 1998 and was renewed in 2015, it currently hosts 46 brands, amongst which Mercadona, Media Markt, Cinesa and Nike Factory Store. It also features a 20 film-screen multiplex, «which is one of the largest in Spain» and 19 restaurants.
Shopping Parc Vallés should have an occupancy rate of 98% and a footfall of over 10 million visitors each year, according to French Frey, which revealed in 2018 its net annual rental income was around 5.3 million euro.
For Gonzalo Senra, Director of Retail at CBRE España «it is a pleasure to add Parc Vallés to our management and marketing portfolio. Our extended knowledge of the real estate market and the customised asset management our Property Management professionals develop added differentiated value to Frey Invest and we expect to continue collaborating with CBRE for many more years to come».
Shopping centre Parc Vallés is the Spanish consultant’s 47th asset, which already has more than 2 million sqm under its management.
Frey announced the shopping centre’s acquisition from a fund managed by Pradera in the Summer of 2018 for 82.5 million euro. At the time Antoine Frey, Frey’s Chairman and Chief Executive Officer considered that «this acquisition marks the resumption of our development in Europe». And he added that «we are pleased to start with Spain, a country in which we developed several assets in the 2000s and in which the economic fundamentals are once again promising. Parc Vallès, in Barcelona, is a high-quality asset whose shopping and leisure positioning attracts more than 10 million visitors each year».
Other projects in Iberia
Besides shopping centre Parc Vallés, Frey has 3 more assets in Iberia: one in Spain and 2 in Portugal.
In Spain, besides this asset, Frey has one other under development: Shopping Promenade Lleida shopping centre, in Catalonia. This project, designed by Broadway Malyan should offer 55.000 sqm and 2.300 parking spaces to its visitors and it is expected to open in 2023 with 90 brands installed.
Algarve Shopping and Albufeira Retail Park are the assets the French company manages in Portugal. The assets were acquired in the Summer of 2019 for 179.3 million euro from Sonae Sierra. Algarve Shopping has 60.000 sqm, 3.000 parking spaces and hosts 140 brands.