French group Altarea has announced it will invest EUR 31 mln in the development of the Family Village shopping centre in Salamanca, western Spain. Once completed, the mall will provide some 100,000 m[sup]2[/sup] of retail space and 600 parking spaces. The shopping centre specialist said that planning permission have been sought and construction is expected to start at the beginning of 2008. The centre should open a year later.
French group Altarea has announced it will invest EUR 31 mln in the development of the Family Village shopping centre in Salamanca, western Spain. Once completed, the mall will provide some 100,000 m2 of retail space and 600 parking spaces. The shopping centre specialist said that planning permission have been sought and construction is expected to start at the beginning of 2008. The centre should open a year later.
Altarea is planning to open seven shopping malls in 2007, with a combined gross lettable area of 138,000 m2, including Le Mans, Gare de l'Est, Thiais, and Aubergenville projects in France, and the Bellingzago-Milan, Casale Monferrato-Piemont and Raguse-Sicile projects in Italy, the developer said in a press release.
The developer has recently formed a 50/50 joint venture with the investment bank Morgan Stanley to acquire a 20% stake in RosEvroDevelopment (RED), a Moscow-based property developer active primarily in shopping centres. RED's project pipeline includes shopping centres with a combined GLA of nearly 700,000 m2 across the Russian Federation, representing potential investment of close to $1.8 bn.
Paris-listed Altarea has about 35 shopping malls across France, Italy and Spain, with international developments accounting for about 30%. In 2006, the French firm committed close to EUR 205 mln to Spanish investments, which included the purchase of a 20,500 m2 shopping gallery in San Cugat, near Barcelona, as well as invested some EUR 100 mln in Italy in the Corte Lombarda shopping centre, near Milan.
