Tuesday, April 16, 2024
HomeNewsInternational NewsParque Principado Reaches Full Occupancy

Parque Principado Reaches Full Occupancy

ECE Marketplaces has successfully completed the restructuring of a former hypermarket space in the Spanish shopping center “Parque Principado” in Ovideo.

The space has been let to several popular tenants and thus, the centre is again fully let. Following the hypermarket’s departure in 2022, the modernised space of around 12,000sq m, which is now divided into several store units, has thus been attractively re-let and various additional offers have been added to the centre.

The new tenants include sporting goods retailers Sprinter and Futbol Emotion, clothing retailer C&A, non-food discounter Pepco, perfumery Primor and art and craft store Milbby. In addition, existing tenants such as H&M, Lefties and Primark have increased their space and extended their lease contracts at the same time. An expanded Zara flagship store had already opened in the center in spring 2023.

With the successful restructuring, ECE Prime Shopping Centre Fund II, which is managed by ECE Real Estate Partners, is fulfilling a key strategic objective as the owner of the shopping centre, which it acquired at the beginning of 2020 with the aim of realising the existing potential for value appreciation. A double-digit million euro amount was invested in the refurbishment and optimization measures.

Parque Principado was opened in 2001 and has a strong market position in the Asturias region with around 140 stores in a rental space of around 74,000sq m. ECE is responsible for the asset and centre management, leasing and the refurbishment project and working with Cushman & Wakefield as a local partner.

RECENT ARTICLES