• Today, the company has announced its first step in this plan, with the purchase of the office building adjacent to Los Arcos shopping centre.
• Castellana Properties will now transform this building – which comprises over 4,600 sqm GLA and is arranged over four floors – by undertaking a refurbishment project to be completed in H1 2023, entailing a total investment of €15.6 million.
• This extension marks the latest phase of the refurbishment plan for Los Arcos, and by increasing its leisure and food offering, the shopping centre will further cement its leading position in the city of Seville.
Castellana Properties has acquired a four-storey office building comprising over 4,600 sqm GLA from Aliseda. The building is adjacent to Los Arcos shopping centre and will now form part of an ambitious plan to transform and upgrade this space, with Castellana Properties set to invest a total of €15.6 million.
This plan includes the addition of a new leisure and dining area at Los Arcos with 12 new brands, keeping the shopping centre ahead of the curve with a more diverse retail mix, and further consolidating its position as the go-to shopping destination in Seville. Works are set to commence in early 2022, with the first establishments due to open in H1 2023.
This new project further adds to recent renovations and store openings at Los Arcos and underscores the importance of Seville to Castellana Properties. In recent months, the shopping centre unveiled a 2,500 sqm MediaMarkt with its new store format, a 3,500 sqm Mercadona supermarket and a new 1,250 sqm store from Portuguese homeware chain Espaço Casa, to name but a few.
Committed to active management and to Andalusia
This investment is yet another example of how vitally important active management is to Castellana Properties and its shopping centres. One of the company's core asset management goals is to continually improve the quality of its properties by carrying out refurbishments, extensions and upgrades to its retail mix, in order to meet the ever-shifting needs of its customers.
Since the end of 2019, when Castellana Properties acquired the space owned by El Corte Inglés at Los Arcos and Bahía Sur, the company has invested more than €24 million in refurbishment and redesign projects at these shopping centres. The company also owns the Puerta Europa and Granaíta shopping centres in the region, which are the dominant retail destinations in their catchment areas.
In the words of Julio García, Head of Operations at Castellana Properties, “Our aim is to solidify the leading position of Los Arcos in Seville and its surrounding province, and ensuring we have the best leisure and food offering is crucial to achieving this. Today's announcement once again demonstrates Castellana Properties’s steadfast commitment to Seville and Andalusia, where a large part of our properties are located”.