Europa Capital, the pan-European real estate investment manager, announces that it has fully let Gran Via Shopping Centre in Alicante, Spain, by partnering with IKEA to provide a 110 sq m concept store branded “Ikea Design” that will enable clients to design their own personalized home projects together with IKEA experts directly in store.
Acquired by Europa Capital in 2017, this latest letting follows deals struck with other best in class operators such as Stradivarius, Springfield, Mango and Enrique Tomas, which have increased net operating income by 22%.
As well as achieving full occupancy at Gran Via, earlier this month Europa Capital also secured a licence for a 2,300 sq m extension on the top floor of the centre. The extension will create three new units, the first of which is already pre-let to the popular restaurant, Muerde La Pasta.
Gran Via is located in central Alicante, a fast urbanizing city at the heart of Spain’s booming tourism economy, which receives more than 4.4 million tourists per year. The 20,700 sq m shopping centre has more than 75 shops, including the only Primark in the city, Inditex, H&M, a Carrefour hypermarket and several food and beverage options.
George Minns, Director at Europa Capital, commented: “Since acquiring Gran Via as a value-add investment, we have successfully implemented an active asset management strategy to improve the occupancy, grow operating income and increase footfall, whilst creating new space. We have also unlocked the property’s strong reversionary potential with further opportunities to grow rental income.
“We continue to believe that compelling opportunities remain in the retail sector through careful selection of assets that are in dominant locations with opportunities to increase rental income. The performance metrics at Gran Via demonstrate that it is one such asset. IKEA shares our vision for the centre and will make an excellent addition to the existing tenant mix, with their concept store providing visitors with an engaging retail offering.”
