Spanish property company Realia said it has invested EUR 80 mln in the development of the new Plaza Nueva shopping centre, which opened last week with around 51,000 m[sup]2[/sup] of retail space in Leganes, on the outskirts of Madrid. The development is in line with the company's strategy to focus on income-generating assets.
Spanish property company Realia said it has invested EUR 80 mln in the development of the new Plaza Nueva shopping centre, which opened last week with around 51,000 m2 of retail space in Leganes, on the outskirts of Madrid. The development is in line with the company's strategy to focus on income-generating assets.
Realia, which is jointly owned by bank Caja Madrid and construction group FCC, expects the scheme will attract as many as 1 million visitors a year. The development of the centre is taking place in two phases, with Phase I consisting of around 24,000 m2 of retail space. The occupancy rate for Phase I is currently 87%.
Realia owns a total of nine shopping centres in Spain and Portugal. The company is also developing the 51,000 m2 Cancelas shopping centre in Santiago de Compostela, in the northwst of the country.
