UK privately-held real estate company Parkridge has halted the development of the Montesol commercial park in Caceres, Western Spain, Spanish newspaper El Periodico Extremadura reported. Although the company received the building permit for the site in 2008, it has not progressed with the construction in the past 12 months, the paper said. The project, with development costs of around EUR 22 mln, consists of 12,000 m[sup]2[/sup] of retail space across five parts as well as 510 parking spaces.
UK privately-held real estate company Parkridge has halted the development of the Montesol commercial park in Caceres, Western Spain, Spanish newspaper El Periodico Extremadura reported. Although the company received the building permit for the site in 2008, it has not progressed with the construction in the past 12 months, the paper said. The project, with development costs of around EUR 22 mln, consists of 12,000 m2 of retail space across five parts as well as 510 parking spaces.
Parkridge announced plans to develop two commercial parks in the Spanish cities of Caceres and Antequera in June 2008. The company planned to invest a total of EUR 60 mln in the projects. In Antequera, near Malaga, Parkridge bought a 46,000 m2 site for the development of a 25,000 m2 scheme.
Parkridge entered Western Europe in 2006, opening offices in the cities of Barcelona, Paris, Milan and Luxemburg. Led by Luis Urtiaga, the firm's Western European arm has assets under management of 150,000 m2 with a value of EUR 286 mln. The UK firm is also present in Portugal, where it is spending EUR 15 mln in the development of a 9,000 m2 retail project in Portuguese city of Oporto. The scheme is partly leased to the international hypermarket chain Auchan.
