British Land, Orion open Spain’s largest fashion mall

UK REIT British Land and Orion Capital Managers announced the opening on Wednesday of Spain's largest fashion mall at Puerto Venecia, the 2.2 million sq ft (186,000 m2) retail and leisure destination in Zaragoza, Spain.

The mall, encompassing an area of 130,000 m2, opened with 87% of the space already let or under offer, the companies said in a statement.

Spanish department store El Corte Inglés anchors the mall with a 39,000 m² store. Puerto Venecia is the only centre 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.

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 centred around a 10,000 m² canal and lake. The scheme will also open with a 4,300 m2, 3D cinema and a family entertainment centre 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 metre zip line will be added.

The opening of the fashion mall follows the successful opening of the 82,600-m² retail park in 2008.

'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 centre,' said Aref Lahham, director of Orion Capital Managers. 'We believe that there is a continuing consolidation in the Spanish retail market with the strongest retail centres 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, a joint venture between British Land and Orion European Real Estate Fund III.

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