Merlin Properties has closed the purchase of the commercial space of El Corte Inglés in Marineda City (A Coruña) and is made with 100% of the Galician shopping center, which has a total commercial area of 45,000 m2 spread over four floors, in addition to three underground parking floors,
Specifically, after this operation, the company becomes the sole owner of the shopping center, which is located in the real estate complex of which it is co-owner along with Ikea and the Business Center. In addition, it will be able to expand the offer of the shopping center and strengthen the reference position that Marineda City has in Galicia and the Northwest of the peninsula.
In this way, the signature plans to carry out a comprehensive reform of the commercial space and its parking in the coming months with which it will convert the department store into a new extension of the shopping center.
Although the project is yet to be developed, the goal is to fully expand and rethink the space, creating a perfectly integrated and united commercial complex. Thus, the reform will seek to create new meeting and socialization spaces, improve flows between floors, increase vertical connections to guarantee better permeability, as well as create new commercial premises.
The asset manager of Merlin Properties, Arnaud Leroy, has congratulated himself on this acquisition. “For Merlin, this operation represents a unique opportunity to expand and improve the offer of Marineda City with the arrival of new brands and create a new destination for socialization and experience in a center that is already a reference in its area of influence and that, with this enlargement, we are sure that it will be even more so”, he indicated.
“Shopping centers in general, and Marineda City in particular, have shown their resilience in recent years. We see how physical ‘retail’ continues to be the first option for customers and we believe that, with the transformation that Marineda City will undergo, the creation of experiential spaces and the arrival of new first-class brands, we will be able to respond to the new needs of customers”, Leroy stressed.
Opened in 2011, Marineda City, located in A Coruña, It is the largest shopping center in Galicia by gross leasable area (GLA) and is among the first in Spain.
The Galician center currently has 200 stores, with brands such as Ikea, Decathlon, Media Markt, Leroy Merlin, Primark, all the flagships of the Inditex group, H&M, Mango or the brands of the Tendam group, among others. It also has various leisure and restaurant proposals and has an influx of 17 million visits on average each year.