French developer-investor Compagnie de Phalsbourg is to carry out its first development project outside its home market by investing €120 mln in a 100,000 m2 mall near Madrid.
French developer-investor Compagnie de Phalsbourg is to carry out its first development project outside its home market by investing €120 mln in a 100,000 m2 mall near Madrid.
Located in Torrejon de Ardoz to the east of Madrid, the mall will be designed by architect Gianni Ranaulo and will have a catchment area of around 3 million inhabitants.
Compagnie de Phalsbourg said it is planning to develop an Open Sky Shopping Center in two stages, with Phase I including 51,000 m2 of retail space over 15 mid-sized stores, shops, restaurants as well as 1,200 parking spaces.
The Paris-based retail firm, led by CEO Philippe Journo, owns a portfolio of over €1 bn largely focused on retail assets.
'The Torrejon de Ardoz project is our first investment in Europe,' commented Journo. 'Spain is now returning to growth and although unemployment is still high it is starting to decline. The outlook is particularly encouraging for the Madrid area. We are therefore going to invest €120 mln to build a shopping centre of the highest standards.'
