AM NV (Amstelland MDC) has reached agreement on the development of a new 31,500 mÃÂ² shopping centre near Madrid. AM Development Spain and AgrupaciÃÂ³n de Propietarios del Sector AHS, Torrelodones, have conducted a contract for the development of this site. The total investment value is estimated at approximately Ã¢âÂ¬ 90 million. AM is planning to start construction in the second half of 2004. The completion is scheduled for the 4th quarter of 2006.
This shopping centre development is located to the North-West of Madrid, 30 kms from the city centre and will be constructed on a 2.6 hectare site, near the Torrelodones Casino, next to the N-VI. The centre will consist of an anchor hypermarket, fashion, leisure facilities and restaurants.
The Torrelodones shopping centre will be AMÃ¢â¬â¢s second development in Madrid and the seventh in Spain. Last May, the company announced the development of the El CaÃÂ±averal shopping centre. This centre with 130,000 mÃÂ² retail space will be the largest in Spain.
Growth in shopping centre development
The Torrelodones project is consistent with AMÃ¢â¬â¢s strategy of growth in shopping centre development in Europe. There is strong demand in Southern Europe for shopping centres incorporating leisure facilities. AMÃ¢â¬â¢s income from shopping centre development is expected to increase to around 40% of its total income in 2003. By developing high-quality shopping centres, AM is meeting the needs of Spanish consumers, international store chains and property investors.
Including the new project in Torrelodones, AM Development Spain is currently developing shopping centres in Madrid, LeÃÂ³n, Girona, Vigo and La CoruÃÂ±a with a total retail area of around 430,000 mÃÂ² and an investment value of approximately Ã¢âÂ¬ 930 million. AM is also developing an office park in Valsolana.
Source: AM NV