British Land has taken a significant step in expanding its European out of town retail interests. The company has formed a 50:50 joint venture with a group of European private investors and one of Spains largest construction companies, Copcisa Corp, to develop a 2.1 million ft² mixed retail and leisure scheme in Zaragoza, Spain.
The scheme, known as Puerto Venecia, is situated in 60 hectares on the citys new ring road. It is one of the largest schemes of its kind underway in Europe.
Valentine Beresford, Director of British Land European Fund Management, said: This is our first major exposure to Eurozone retail development outside of the expanding PREF retail park fund. It is directly in line with our strategy to expand in Europe in out-of-town retail and builds on our existing UK/Europe expertise.
We are delighted to be partnering on such a significant scheme. It has been in the design and planning stage for some six years and will be a major attraction for the city of Zaragoza.
The retail park is scheduled to open in late 2007, with the final phase of the shopping centre due to be completed and trading at the end of 2008.
The end capital value of the scheme is anticipated to be in the order of €500 million.
Anchor tenants committing to the big box element of the scheme include IKEA, Leroy Merlin, Conforama, Decathlon, Boulanger and Porcelanosa.
Source: British Land