Redevco and Ares have put up for sale the Parque Corredor shopping centre, located in Torrejón de Ardoz, northeast of Madrid, as reported by El Economista. According to industry sources, the consultancy firm Cushman & Wakefield is managing the transaction, which could reach a value of 250 million euros.
The joint venture between the two companies, Redevco Iberian Ventures, was formed in 2015 with the aim of allocating €500 million to the retail sector in Spain. Three years later, in 2018, they acquired 70% of Parque Corredor's GLA in a transaction valued at €140 million. Subsequently, they invested €45 million in its renovation.
Following this refurbishment, the shopping centre now has a GLA of 123,000 sqm on a single floor, with 180 operators. New features include 15 new brands, most notably a 7,500 sqm Ikea shop. A new leisure and restaurant area was also completed this year, adding 30 additional operators. Parque Corredor also has an Alcampo hypermarket, eight Yelmo cinemas, a bowling alley, a gymnasium and a 3,000-seat sports centre.
