This median parks (or retail parks) one of the real estate assets. aroused more interest Sunday. Such properties differ from traditional malls in that their stores have independent entrances and are accessed directly from the street, often with their own parking lot outside.
Most New openings planned for 2024 Madrid And Barcelona: especially, 85% of new parksconstitutes 60% of the gross leasable area to be released to the market. Total, 26 new retail parks will open their doors between this year and the nextShopping malls, entertainment centers and outputs.
Despite the large number of open spaces, Spain continues to have one of the lowest densities for such parks: 51 square meters for every 1,000 people, under countries such as Belgium, Netherlands, Sweden, United Kingdom or Germany. “There are provinces where this type of presence is scarce, and in some even none at all. It is a market that offers investment opportunities in the development of new parks that will dominate around them due to their sizing, commercial offerings and lack of close competition”, develops the report by JLL consultancy on these assets. For Prensa Iberica.
August WolfThe Director of Capital Markets at JLL in Spain explains what retail parks need to generate interest outside of the big cities: “Traditionally, they focused more on Madrid and Barcelona, but now they’ve found they are more.It can have a dominant park and almost no competition outside of it.”.
Investor anger?
According to JLL, through 2022 investment by national and international investment funds and private entities reached 300 million euros. This figure represents 10% more than the average recorded between 2017 and 2022. In the first half of 2023 it amounted to 145 million euros, although it could increase significantly compared to last year if some important operations were closed.
“Before retail parks, investors viewed them as something secondary. However, during the pandemic, they had a lot of resistance as they brought together many grocery stores, such as supermarkets or decoration and DIY stores. Also, boom In food, many investors wanted to buy supermarkets and if they couldn’t, they bought a retail park with a supermarket. It is the most suitable choice for many investors because low maintenance costs, good connections and good profitability” develops Augusto Loco.
HE annual return offering these assets through rent collection Round 5.75% or 6% in Madrid and Barcelona. Outside of these cities, profitability increases by around 100 basis points, Between 6.5% and 7%. For example, Parque Comercial El Osito, which was sold by Aliseda to the French company Iroko Zen last May, surrender (return) 7%. On the other hand, the rents paid by the enterprises do not change according to the location. stands 17.5 euros per square meter for a typical local of 1,000 square meters in a good medium-sized park.
Iroko Zen is a French SCPI that is exactly the type of investor very active in this market. “We are seeing great interest from French investors. Median parks are very easy for them to understand because tThey have many operators from the French country.Like Carrefour or Leroy Merlin,” explains JLL’s director of Capital Markets.
One of the possible operations set the route for this marketin the coming months Sale of Socimi Lar España park portfolio : Vistahermosa Shopping Complex in Alicante; Abadía Commercial Park in Toledo; Prime Retail Park in Rivas (Madrid); and Vidanova Par Retail Park in Sagunto (Valencia).
What are the main projects?
The most important project that will open its doors in the coming months, especially at the end of 2024, Breogan Park in A Coruña. It is the relocation of the old Dolce Vita in the industrial area of Agrela, which was demolished after only six years of operation. It will be 60,000 square meters.
By size, the second most relevant Tarraco Centrum in Tarragona. Introduced by Ten Brinke, it will have 37,000 square feet, which will be built on a floor of more than 67,000 originally designed to house an Ikea.
retail parking Señorío Plaza in Illescas (Toledo) will be 30,000 square meters and is scheduled to open in the last quarter of 2024. This area will include an Alcampo hypermarket and service station, 30 fashion stores, household goods, sports and specialty stores, cinemas, a bowling alley and 10,000 square meters. for restoration.
The rest of the open spaces outside the country’s two largest cities are located in Dos Hermanas (Seville), Vilanova de Arousa (Pontevedra), San Cristóbal de la Laguna (Tenerife), Málaga, Linares (Jaén), San Cibrao das Viñas. ( Orense), León, Seville, San Fernando (Cádiz), Córdoba, Pamplona, La Garrucha, Elche (Alicante), Cáceres, Crevillente (Alicante), Estepona (Málaga) and Puerto Real (Cádiz).