British Land have acquired a 50% interest in a super regional retail development in Zaragoza, Spain for €100 million. The development will amount to 190,000 m² in three main parts. A retail warehouse park anchored by IKEA, a shopping centre anchored by El Corte Ingles and a leisure/lifestyle area with a multiplex cinema.
British Land now own 50% of a joint venture company, the other shareholders are Retail Parks and the Spanish construction company Copcisa. The retail park is due to complete late summer 2007, with the remainder of the scheme 12 months later.
British Land was advised by the EMEA Retail Investment team led by John Welham and CB Richard Ellis Spain - Alex Barbany and Jesus Segado. This acquisition is the first major commitment by British Land to retail direct development in Continental Europe.
Source: CB Richard Ellis