British Land and Orion Capital Managers open Spains largest fashion mall at Puerto Venecia (UK/ES)

Spain's largest fashion mall opens today at Puerto Venecia, the 2.2 million ft² (approx. 204,380 m²) retail and leisure destination in Zaragoza, Spain, jointly owned by British Land and one of Orion's sponsored funds.

Puerto Venecia

Puerto Venecia has a catchment of 2.2 million people within a two-hour radius.

The 1.4 million ft² (approx. 130,000 m²) fashion mall, which opens today, is now 87% let or under offer.

Leading Spanish department store El Corte Inglés anchors the fashion mall with an approx. 39,000 m² store. Puerto Venecia is the only center in Spain which boasts all nine of Inditex Group's brands, with Bershka Massimo Dutti, Oysho, Pull & Bear, Stradivarius, Lefties, Uterqüe, Zara and Zara Home taking a total of 6,500 m² at the center. Other pre-lets to leading retailers include Primark 6,534 m², Hollister 643 m², Desigual 1,280 m², H&M 1,953 m² and Mango 446 m².

Puerto Venecia's leisure offer includes an outdoor ice rink, a new indoor triple height climbing concept and an extensive range of restaurants, cafes and bars centered around a 10,000 m² canal and lake. The scheme will also open with a 4,300 m² 3D cinema and a family entertainment center including a children's rollercoaster. In spring 2013, a double static surf wave and a 3,000 m² outdoor adventure park including rope courses, adventure trails and a 120 meter zip line will be added.

The opening of the fashion mall follows the successful opening of the 890,000 sq ft (82,600 sq m) retail park in 2008.

Stephen Smith, Chief Investment Officer for British Land, said: "Puerto Venecia will be one of Spain's most spectacular retail destinations and will dominate its significant catchment. We are delighted that the retail and leisure offer will feature the very best national and international brands."

Aref Lahham, Director of Orion Capital Managers, said: "Our decision to invest in Puerto Venecia has been fully endorsed by the line-up of well-known retail names that have taken space in the center. We believe that there is a continuing consolidation in the Spanish retail market with the strongest retail centers and catchment areas benefiting the most – Puerto Venecia firmly falls into this category."

Puerto Venecia has a catchment of 2.2 million people within a two-hour radius. The scheme is owned by Eurofund Investments Zaragoza SL (a joint venture between British Land and Orion European Real Estate Fund III C.V., a fund sponsored by Orion Capital Managers).

The letting agents for the scheme are Cushman & Wakefield and CBRE.

Source: Aylwin Communications

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