CaixaBank Corporate & Investment Banking (CIB) has finalised a bilateral loan of €64.42 million in favour of El Cañaveral Desarrollos Terciarios, a company in which OMO Retail and Rodríguez Normand hold stakes, for the development of the El Cañaveral Retail Park in the Vicálvaro district of Madrid.
The development, led by OMO Retail, will be built on a plot of approximately 214,886 sqm, with a usable floor area of 73,974 sqm comprising 54 retail units, 2,573 car parking spaces and 196 spaces for motorbikes. With this project, the development aims to become the largest retail park for medium-sized retailers in the city of Madrid and one of the most significant retail developments currently under construction in Spain.
The total investment will exceed €100 million, with estimated annual revenue of €11.5 million. It is scheduled to open in time for the 2027 Christmas shopping season.
CIB have stated that they are “very proud to be part of a project of this magnitude, which is expected to create more than 1,500 direct jobs and will contribute to the economic and social development of one of the capital’s fastest-growing areas”.
The official laying of the foundation stone for the complex took place on 27 April. The future park, marketed by Savills, will be situated in south-east Madrid, an area which is currently home to 210,000 residents and where more than 53,000 new homes are set to be built as part of the developments at Los Berrocales, Los Ahijones, Valdecarros and Los Cerros. According to information provided by the company, this growth will increase the population of the catchment area to 350,000 inhabitants by the project’s completion.
The development will be organised into five distinct zones: food; DIY and workshops; fashion, sports and pets; home and dining – the latter featuring a double-height layout; and leisure and padel, with 13 courts. Confirmed tenants include Mercadona, Lidl, Ahorramás, Urban Planet, Ilusiona, Planet Fitness, Kiabi and McDonald’s. At the start of construction, 77% of the retail park’s gross lettable area had already been let, more than 20 months ahead of the opening.
