Silicius invests €6.2M on Thader, La Fira and Bahía Plaza

Silicius invests €6.2M on Thader, La Fira and Bahía Plaza

La Fira Shopping Centre, Reus, Tarragona

Most of the investment, already concluded, was focused on shopping centre Thader, where a total refurbishment of the external areas was carried out, as well the construction of new areas for terraces and the improvement of the communication flow between the different squares. Amongst other upgrades, lighting was improved as well as the landscaping, which received natural vegetation. The children’s playgrounds were also improved, and their security was reinforced. In total, 4.5 million euro were invested in these refurbishments and improvements.

Regarding the shopping centre La Fira the refurbishment works were focused on the external areas: a new terrace was created on the second floor with large pergolas and a locking system with folding glass doors. A waterproof pavement was also installed, as well as low consumption LED lighting and more than 150 local Mediterranean plants. All these interventions had a global cost of 0.7 million euro.

Silicius is also refurbishing 9 of its 18 cinemas within shopping centre Bahía Plaza so as to install 843 cutting-edge chairs, which are fully reclining through the use of an electric motor, upholstered and provide individual USB ports, armrests and wooden trays. This operation will cost 1 million euro.

All these investments represent a bet from the company on the shopping centre, retail parks and high-street retail segments while in the midst of the current situation of uncertainty caused by the Covid-19 sanitary crisis.

Silicius’ CEO, Juan Antonio Gutiérrez, remarked that «we are currently investing in our assets so as to increase their value and improve our positioning against the competition. We believe that now is the time to care for and reinforce our assets, support our tenants and boost sales».

It should be recalled that these three shopping centres were integrated into Silicius’ portfolio last March as part of Merlin Properties’ acquisition of 34.4% of the company for 170 million euro.

Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!