Nervión Plaza shopping centre
Nuveen Real Estate acquired Seville’s shopping centre Nervión Plaza terrace floor and, as such, it now manages the entire shopping centre of which it had previously acquired the remaining floors in 2009. Iberdrola Inmobiliaria included this operation on the asset rotation strategy the company maintains for the optimisation of its rental portfolio.
Nervión Plaza, which has more than 27.000 sqm will undergo an ambitious improvement program. The shopping centre’s refurbishment will include 13 new catering establishments, a supermarket from a renowned international operator on the basement floor and the reorganisation of the cinemas into 19 screens.
«Retail is clearly evolving as a result of the pandemic, which leads us to be more selective concerning opportunities. Nuveen RE’s retail portfolio in Iberia is particularly resilient and this acquisition confirms that we should continue investing on the opportunities which make sense for the portfolio and for our long-term strategy», declared Marta Cladera de Codina, managing director for Iberia at Nuveen Real Estate.
The project, which will be developed throughout 2021, includes the refurbishment of the terrace’s south wing to replace the current 6 cinema screens with 13 catering establishments which will have their own individual indoor and outdoor terraces. On the other hand, on the basement (-1) 2.300 sqm will be used to install a supermarket.
«This refurbishment is a good example of our willingness to invest on the improvement of all our assets, with state-of-the-art solutions and conversions which will allow us to overcome the market’s demands and our visitors’ expectations, thus reinforcing Nervión Plaza’s consolidated position», added Maurice Meulendijk, head of portfolio management for Iberia at Nuveen Real Estate.
The shopping centre has more than 1.000 parking spots spread across three levels. The asset is located on the Eastern fringe of Seville’s city centre, close to a diversity of high-street retail, hotels, offices, Sevilla FC’s stadium and the city’s main train station. Opened in 1998, it hosts numerous fashion brands such as those from Grupo Inditex and H&M, besides the cinemas, operated by Cinesur.