The second phase of the Puerto Venecia development project in Zaragoza in northeast Spain, has reached a pre-let rate of 75% several months before opening. Puerto Venecia is owned by British Land and Orion Capital Managers.
The second phase of the Puerto Venecia development project in Zaragoza in northeast Spain, has reached a pre-let rate of 75% several months before opening. Puerto Venecia is owned by British Land and Orion Capital Managers.
The scheme has secured all of the Inditex Group's brands, which have signed for more than 6,500 m2 of space, while the Spanish department store El Corte Inglés and Primark have committed to anchor the fashion mall with 39,000 m2 and 6,534 m2 respectively. Other pre-lets include Desigual, H&M, and Mango.
The letting deals represent a major step forward for the 127,276 m2 scheme which, the owners claim, will become Europe's largest retail and leisure destination. The project is owned by Eurofund Investments Zaragoza, a joint venture between British Land and Orion Capital Managers' Orion European Real Estate Fund III. Delivery of phase II is planned for autumn 2012.
On completion, Puerto Venecia will feature a total of 206,000 m2 of space over 250 units. Construction of the second fashion and leisure phase follows the completion of the retail park which opened in 2008.
'This is a tremendous commitment by one of the world's biggest fashion retailers and demonstrates Inditex’s high level of confidence in both the fundamentals of this landmark regional scheme and in our ability to successfully deliver and operate it,' said Stephen Smith, chief investment officer for British Land.
The letting agents for the scheme are Cushman & Wakefield and CBRE.
