UK COMPANY PLANS HUGE NEW COSTA DEL SOL SHOPPING CENTRE

A British development company plans to open a new leisure complex and shopping mall near Torremolinos within the next 3 years.

Puerto Venecia in Zaragoza is already owned by Intu Properties, which is said to be the largest shopping centre in Europe since 2012 and home to iconic names as Zara, Ikea, Leroy Merlin, Decathlon and Apple Store. Also the department store El Corte Inglés is incorporated in the development and also in Intu’s portfolio is Parque Principade retail centre in Lugones, Asturias.

Both were bought in 2014 at a cost of 613 million Euros. This is part of Intu’s palns to dominate the shopping centre markets in Spain, through a total investment of 2.5 billion Euros to date. The group’s next major development is planned for Torremolinos on the Costa del Sol, with land purchased from the Peel Group for 41million Euros.

If Intu is able to close with deal within the next few weeks, the shopping centre could be open as early as summer 2018. The total investment in this project by the UK-based company is in the region of 250 million Euros.