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Advice on the valuation, sale and leasing of Puerto Venecia

Puerto Venecia aerial view
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The Challenge

British Land and Orion chose Cushman & Wakefield to do the leasing of their new project, the commercial resort Puerto Venecia.

The project has 206,000 sqm of GLA, distributed in a Shopping Centre and a Retail and Leisure Park, and more than 9,000 parking spaces. This area will include El Corte Inglés, a big fashion offer, restaurants, cinemas, sports and adventure. The retail park opened and the Shopping centre had a delay due to the economic situation of the country. 

Puerto Venecia is the only Shopping Centre with an artificial and navigable lake, and it is the biggest commercial project in Europe. The main objective is to create the best Shopping centre in the region with the most complete offer to attract visitors from more than one hour by car.

The Solution

Services of consultancy in a design level, mobilization and strategy of marketing, represented in addition with the collaboration of management to optimize the running of the centre. Establishment of conditions of lease together with the property. Create a balance mix of the centre to secure an attractive offer for visitors. As main retailers, in Puerto Venecia Retail Park we can find: Ikea, Leroy Merlin, Porcelanosa, Media Markt, Conforama, etc… Main anchors in the shopping centre: El Corte Inglés with 40.000 sqm, Toys ‘r Us, Decathlon, Cinesa, Primark, Inditex Group, H&M, Sportzone, Blanco, Jack&Jones, Mango, Desigual, Deichmann, Shana, Shepora, etc…

The Results

The importance of the project has pushed to plan and construct the jobs of commercialization very detailed during each of the phases to reach the needs agreed for the financing. The retail park opened in spring 2008 with a 90% of leases signed. The shopping centre opened in 2013.

In 2014, Cushman & Wakefield was appointed by Intu Properties to carry a highly specialized valuation analysis of Puerto Venecia, the largest shopping centre and retail park in Spain. This resulted on the acquisition by Intu Properties of this prime regional shopping destination. The exercise was executed by the Valuation & Advisory team working closely with the Capital Markets and Retail Leasing teams.