The expansion works, which includes the integration of the GLA office building of more than 4,600 sqm and four floors, annexed to the shopping center, will foreseeably begin in 2022 and throughout the first half of 2023 the first openings of the new establishments.
According to the CEO of Castellana Properties, "we are very excited to be able to start a new phase of expansion of Los Arcos in Seville, one of the most important centers in our portfolio". In addition to Seville, "the Andalusian region is the most relevant for us where we have leading shopping centers in their areas of influence such as Bahía Sur, Granaíta or Puerta Europa".
"This new plan, which complements the recent reforms and inaugurations that have been carried out and that we detail this Tuesday with the presence of the mayor of Seville, will allow the opening of 12 new establishments in 2023 in the main commercial center of the city", Brunet said.
This project is practically finished and the brands have already opened their stores "with very good acceptance among customers." In addition, in recent months a 2,500-sqm MediaMarkt has been inaugurated in Los Arcos, through its new store model, a 3,500-sqm Mercadona and a new 1,250-sqm establishment of the Portuguese home chain Espaço Casa , in addition to Decimas, Etam and Miniso, among many others.
In line with its philosophy of active portfolio management, since the first acquisition in Los Arcos in 2018 and once this reform is completed, the company will have invested more than 180 million euros in the shopping center. These investments have been materialized in the modernization, reconfiguration and expansion of the spaces, in order to increase the commercial mix to satisfy the needs of the Sevillians.
For his part, the mayor of Seville, who has seen first-hand the upcoming developments that will be undertaken in the shopping center as well as the investments made in it, has assured that the investment that is being carried out in the Los Arcos shopping center "It contributes to the revitalization of economic activity in the city and especially in a neighborhood that is in the midst of transformation and urban development".
At this time, Espadas said, "after the health crisis, projects like this contribute to recovery and the generation of new opportunities for Seville."