Lar Espana Real Estate Socimi S.A. acquired a 123,000 sqm plot of land in Seville, on which it will construct and develop a retail and leisure complex. The total investment (purchase of land and construction) stands at €145 million, of which €36 million relates to the purchase of the plot of land. Construction works are scheduled to complete by the end of 2018.
It will be located to the south of the city, between the Port of Seville and the Río Guadaira canal, with direct access via city roads and good visibility given that it fronts on to the SE30 ringroad. The shopping centre will have an expansive catchment area: 450,000 people reside a ten minute drive from the site, with a further one million just half an hour away.
Although Seville is a city with extensive retail activity, it does not have a dominant shopping centre. As the city's largest shopping centre, Palmas Altas will take on this role.
Source: Property Magazine