Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/58695
MARINEDA CITY, LA CORUÑA, SPAIN THE PAIN IN SPAIN DESPITE THE RECESSION, BIG PROJECTS ARE OPENING AND THRIVING IN SPAIN By María Bird Picó HE RECESSION HAS BEEN TOUGH ON SPAIN, AND especially on its real estate sector. But some developers have proved equally tough, as evidenced by the recent opening there of Marineda City, one of Europe's bigger malls. This mall, part of a €450 million (about $600 million) mixed-use project in La Coruña, a city in Galicia, opened last spring. Moreover, with the mall and its Ikea and El Corte Inglés anchors making up nearly 1.9 mil- lion square feet of gross leasable area, Marineda City opened 94 percent leased. "We are talking about Spain's biggest retail real estate project opening in the middle of [an economic] crisis," said Helena de Arcos, director of the retail leasing division of Jones Lang La Salle's Spain office. "This clearly demonstrates two facts: 48 SCT / APRIL 2012