MADRID – June 22, 2018 – The GranCasa shopping center in Zaragoza, managed by Sierra Fund and CBRE Global Investors, opened its new leisure facility and food court to the public this week. The 10,132 sqm shopping centre offers a varied selection of leisure and restaurant facilities, as well as a two-floor children’s leisure area.
The EUR12 million refurbishment is expected to create more than 250 new jobs. The GranCasa shopping center in Zaragoza, managed by Sierra Fund and CBRE Global Investors, opens its new leisure facility and food court to the public tomorrow. The 10,132 sqm shopping centre offers a varied selection of leisure and restaurant facilities, as well as a two-floor children’s leisure area. The EUR12 million refurbishment is expected to create more than 250 new jobs.
The new space, located on the shopping center’s second floor, will have 21 restaurants and 5 kiosks, making it one of the largest and most varied leisure and restaurant facilities in the region. The project has been very well received, as shown by the commercialisation rate before its opening to the public, which amounts to 97%.
The new area will have international restaurant chains, such as Vips Smart, Gino’s, The Strad Club, KFC, Burger King and Llao Llao. More than half of the units are local firms, which creates an important economic boost for the region. Also launched are: ‘Muerde la Pasta’, ‘Cervecería D’Jorges’, ‘Fran Beer’, ‘Frutolandia’, ‘Pastelería Baires’, ‘Directos al Grano’, ‘La Jijonenca’ and ‘El Rincón’. In addition, there will be a free leisure area for children, a space with exterior views and an outdoor terrace.
The refurbishment aims to improve GranCasa visitors’ experience, positioning it as one of the top gastronomic and leisure destinations in the center of Zaragoza. To achieve this, the refurbishment has focused on an avant-garde and innovative architectural design, environmentally friendly and attractive to all audiences.
Antonio Simontalero, Country Manager Spain and Portugal, CBRE Global Investors said: “Through astute asset management we have successfully created a diverse food mix and thereby optimized the commercialization of GranCasa. We look forward to opening this latest addition to the shopping centre and providing a much improved visitor experience for the local community.”
Alexandre Pessegueiro, Head of Asset Management at Sonae Sierra in Spain, said: “Sonae Sierra is constantly looking for improvements in the assets we manage. The new leisure and restaurant area of GranCasa is a clear example of how to anticipate changes in consumer patterns, especially in those sectors where clients demand ever greater differentiation and higher quality. We wanted to show all that, together with a new leisure design, in this new project to achieve unique experiences for our visitors every time they come to GranCasa.”
GranCasa, located in Zaragoza, is one of the most consolidated shopping centers in Spain thanks to its unbeatable location, its public transport connections from any point of the city and its complete and attractive commercial and services’ offer. With more than 200,000 m2 built, of which 80,000 m2 are dedicated to commercial activity, it has 170 commercial premises with both, convenient and fast accesses. GranCasa is owned by Fondo Sierra and CBRE Global Investors. Sonae Sierra carries out the overall management. www.grancasa.es.
About Sonae Sierra
Sonae Sierra, (www.sonaesierra.com ), is an international company dedicated to the offer of services to investors and the promotion of real estate retail projects. The firm operates through 12 corporate offices, offering its services to countries as diverse as Portugal, Germany, Algeria, Brazil, Colombia, Spain, Greece, Slovakia, Italy, Morocco, Romania, Russia, Tunisia and Turkey.
Sonae Sierra owns 46 shopping centers with an overall market value of €7bn and manages or commercializes 83 shopping centers that amount to 2.5 million square meters of Gross Rentable Area (GRA), and around 9,300 commercials. Currently, Sonae Sierra holds 14 work-in-progress projects, including 7 for clients.
Sonae Sierra currently works with more than 20 co-investors at asset level, and manages four real estate funds for a large quantity of investors from all the world.
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $104.2 billion in assets under management* as of March 31, 2018. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2017 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.