French investment firm buys Parque Mediterráneo in Cartagena including Espacio Mediterráneo

THE Frey group, a French real estate investment firm which owns several centres in Catalonia, has bought the Parque Mediterráneo in Cartagena.

The group have purchased the main shopping and leisure complex in Cartagena for €83 million and has announced they will improve its facilities.

The Frey group has bought out its former owner, Cartagena businessmen Gerardo de la Torre and José Luis Sánchez-Luengo.

The company are known for specialising in equipping its shopping centres with landscaped and tree-lined outdoor walkways to provide its customers with a pleasant shopping environment.

Parque Mediterráneo, which opened in 2006 with an associated investment of more than €400 million (according to estimates at the time), is in the third phase of the Cabezo Beaza industrial estate.

It has 66,000 square metres of commercial space and large premises occupied by leading international firms, such as MediaMarkt, Decathlon and Leroy Merlin, among other businesses.

It is also home to the Espacio Mediterráneo shopping centre, which houses a Carrefour hypermarket and more than 120 establishments.

The most important firms are Zara, Primark and Ikea, which has a small office there. There is also a cinema complex, as well as several bars, cafés and restaurants.

“We are very pleased to have a new Spanish asset in our portfolio; a retail park with solid fundamentals,” said Frey’s president Antoine Frey.

“Moreover, it has solid potential for conversion to our ‘shopping promenade’ standards,” he said.

“This acquisition consolidates our presence in the Iberian Peninsula with four owned assets and one project under development,” said the leader of the acquiring company. “It also marks the acceleration of our expansion strategy to support our ambition to become Europe’s leading sustainable retailer,” he concluded.

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