Corio has reached agreement on the acquisition of Maremagnum in Barcelona, a shopping center with a unique retail formula at a dominant location, for €122 million (including acquisition costs) with effect from 1 July 2006.
The acquisition is conditional on obtaining formal approval from the Port Authority Barcelona who have granted a concession till 2049. Maremagnum consists of approximately 22,000 m² retail area with a range of top fashion retailers, good quality leisure and restaurant operators and 850 parking spaces in the Port Vell at the end of the popular boulevard âLas Ramblasâ. The center opened in 1995 being the first waterfront shopping center to be completed in Spain and has been successfully refurbished and repositioned in 2005. There are various possibilities to strengthen the concept further and add value to the project. Maremagnum will immediately contribute to the earnings per share of Corio and offers reversionary potential over the next few years.
The shopping center Maremagnum is situated at an excellent location on the waterfront in the port of Barcelona. More specifically it is located along the Quay of Spain (âMoll de EspaÃ±aâ) part of the old port (Port Vell). The province of Barcelona is one of the wealthiest and fastest growing areas in Spain. The Barcelona provinceâs current population of more than 5 million inhabitants has grown by 8% since 2000 and it stands out as one of the regions with the highest income per capita. Besides, the city is an attractive tourist destination with approximately 11 million visitors per year. Road access into Maremagnum is very good via Moll de EspaÃ±a and there are sufficient parking spaces in the parking garage belonging to the project (850 spaces) and in various other parking garages located nearby. Public transportation is good; there are two metro stops within walking distance and several busses that stop in the proximity of Maremagnum. Considering its urban location, pedestrian access into the center is important and is provided for by the Rambla del Mar footbridge, which can be regarded as a prolongation of the Ramblas.
Maremagnum consists of two separate buildings with a total lettable area of approximately 22,000 m². The center opened in May 1995, being the first waterfront shopping center in Spain. The center was originally conceived as a pure leisure destination. During 2005 the property went through a refurbishment transforming Maremagnum into an attractive retail destination with some leisure elements. The concept is focussed on what is currently in vogue, casual, leisure time and enjoyment. The main building consists of 18,806 m² on three commercial levels in addition to a basement level car park with 850 paid parking spaces. Main tenants within the mall include Bershka, Lefties, Pull & Bear, Oysho, Kiddyâs Class and Stradivarius (Inditex Group concepts), H&M, Adolfo Dominguez, Desigual, Pimkie, Mango, Womenâs Secret and Springfield (both Cortefiel Group), Calvin Klein and Quiksilver amongst others. Next to this variety in fashion retailers there are good quality restaurants and leisure operators such as Mc Donaldâs, Pans & Company, Haagen Dazs and Starbucks. The whole is complemented with some gift shops and shops with goods such as music, watches, personal care and toys. In addition to the main building there is a separate cinema (3,182 m²) with 8 screens operated by Cinesa, the leading cinema operator in Barcelona and Spain. Other commercial and leisure concepts in the port on the same quay include the Barcelona aquarium and the Imax cinema.
In terms of shopping centers direct competition to Maremagnum is limited in this part of the city. Moreover, in Catalonia the provision of shopping center floor space per inhabitant is lower than the Spanish average as a result of the moratorium for new retail licenses in Catalonia which makes it presently very difficult to obtain permits and licenses to develop new shopping centers in Barcelona. Maremagnum benefits as the only shopping destination in Bar