Rodamco Europe N.V. has announced the decision to remove Azul Talavera shopping center, Spain from its committed pipeline project list.
In July 1999, Rodamco Europe signed a turn key joint venture agreement with developer Gelco for the purchase of a shopping center in Talavera, Spain for a total amount of â¬50 million. However, the developer ran into a series of legal and planning complications which delayed the delivery and finally resulted in the Local Authority auctioning the completed scheme.
Whilst Rodamco Europe (and its partner) tendered in the auction, the whole scheme (mall and hypermarket) was eventually acquired by another party. Their future intentions for the ownership of the mall are still to be decided, but consequently, Rodamco Europe has decided to remove Azul Talavera from its committed pipeline project list. At the same time, all expenses and capital invested over the period have been recovered by Rodamco Europe.
Source: Rodamco Europe