Retail Park Les Mates

Retail park Les Mates

TCN Spain’s first investment was Les Mates (app. 10.000 m2) and was bought in 2008 as mainly a leisure center in the city of El Vendrell, 70 km south of Barcelona.

The center contains 25 units divided over 2 floors. It offers for families a wide range of retail (Aldi i.e), services, restaurants (Cantina Mariachi), bars and an 8 screen cinema (Oscar). The parking (surface and covered) has a capacity of 400 places.

The center is located on a well accessible and visible spot at the crossing of the N 340 (Barcelona Taragona) and C 15 (El Vendrell – Valls). Upon purchase the centre was in distress (> 25% vacancy) and poorly managed. Since the basics of the project have been good (accessibility, visibility, catchment) we saw possibilities to transform the center in 2-4 years from a small sized leisure center into a mid sized retail park.

TCN has a wide track record in (re-) developing the product retail park .
According to TCN’s ACIM-flow, we defined upfront the different steps for this transformation. The first phase, Control, was finalized in 2009 once the night leisure at the first floor was reactivated. The next phase (Improve) is currently ongoing. In 2010 the center obtains the retail license for app. 5000 m2 GLA and an extension of app. 2.000 m2 is scheduled in the second half of 2010. Therewith it gets the critical mass for a retail park.

The current retail - & leisure market in Spain is doubtful, though with our additional management intensity we – contrary to the market- are able to continue with our improvement phase. TCN´s partner in this operation is Cross Tower, a Barcelona based Real Estate & Investment management company Other partners are a.o. SNS property Finance (debtor), Aldi (retail), City of El Vendrell.

Currently the platform ‘TCN Spain’ is focussing on becoming partner in similar kind of projects like Les Mates. Reactivating mid sized retail park in distress. We have the ideas and organisational infrastructure to re-activate 3-5 similar Spanish centers in the next 2 years as. In today’s Spanish market our conceptual creativeness, solid retail network and own center management infrastructure offers the tools to re-boost these centers.

Contact
Platform: TCN Spain
Contact: Arjan Kuilman
T: +31 30 230 9300
F: +31 30 230 9473
E: arjan.kuilman@tcnpp.com
I: www.tcnpp.com & www.lesmates.com