Shoppings: Spain has more than 1M new sqm in pipeline

Shoppings: Spain has more than 1M new sqm in pipeline

Open Sky Shopping Center, Madrid

After around 80% of the 2020 projects or expansions were postponed due to the pandemic, according to EY quoted by EjePrime, it is expected that in 2021 Spain inaugurates five new Shopping Centers. These projects represent together more than 188,000 sqm.   

Three of this projects are being developed in Madrid. One of them is the Open Sky Shopping Center with 91.600 sqm that is being carried by Compagnie de Phalsbourg who will invest a total of 125 million euro to build it. The others are La Galería de Canalejas  with 15.000 sqm, specifically programmed for the second quarter of the year, and centro Caleido with 17.000 sqm, planned to open in the Summer.

In Barcelona it is expected as well the opening of a new shopping center: Nova Center. It is located in Vilanova i la Geltrú and controlled by REIT Titan since March 2019 - and it will represent a total area of 21.500 sqm.  

The fifth project will be launched in Vigo, in Pontevedra. It’s named Vialia Vigo and the area will be around 43000 sqm. This projects has Ceetrus and Adif as coordinators and they predict a total investment of 93 million euros.

From the eleven shopping centers in pipeline two of them have their inauguration predicted for 2022: the Go Lleida, with 56.000 sqm and an expected investment of 100 million euros from Eurofund Logistics Capital Partners, and the shopping center Benidorm in Alicante, that should sum up 58.021 sqm and represent an investment of 210 million euros. This last project belongs to Unibail-Rodamco-Westfield.  

The Megapark Dos Hermanas, in Sevilla, is a shopping with 70.000 sqm that should only begin its activity in 2025. Without a stablished date of conclusion yet there are other projects such as the Palma Springs in Balneares evaluated in 225 million euros, the Intu Costa del Sol in Sevilla that should cost 400 million euros and the Sevilla Park estimated in 100 million euros.

Besides those inaugurations there are three expansion projects which have not a prediction date to open doors: Terrassa Shopping Center, in Barcelona - owned by Carmila and Carrefour Property; Camino Real Shopping, in San Fernado de Henares (Madrid) - controlled by Chelverton Properties, and Plaza Mayor Outlet, in Malaga, controlled by Sonae Sierra and McArthurglen. In total, the extensions add up to 257.750 sqm. 

Retail Parks: 13 new projects until 2025 

Despite covid-19 harmed the retail sector in 2020, there are already 13 retail parks also under radar to be concluded throughout the next years until 2025. 

Retail parks resisted better than shopping centers to the difficulties in the sector and therefore 6 new medium-sized parks should start their activity in this year as well. It is the Coslada Commercial Park, in Coslada (Madrid); Kingdom of León Park, in León; Ciempozuelos Commercial Park, in Ciempozuelos (Madrid); Janer Commercial Park, in San Fernando (Cadiz); Alcora Plaza, in Alcorcón (Madrid), and Way Ourense, in San Cibrao sa Viñas, in Ourense. These centers have an area of 153.520 sqm according to calculations from EjePrime. 

In 2022 Calchetas in Navarra, the retail park Polígono O Vao, in Pontevedra and a retail area in Cáceres are going to be the highlights of the new projects. The opening of the Tarragona park is predicted to happen in 2023 and Megapark Dos Hermanos in 2025. Porto Cabral and Polígono Ind. Villalonquéjar don’t have a conclusion date defined yet.

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