Paul Whight (pictured), the founder of Grantchester Holdings, is joining forces with Spanish company Gabitat Group to develop a range of out-of-town retail parks, hypermarkets and leisure complexes in Spain and Portugal.
The jv, called Assetalia, will invest more than ¬84m (£50.8m) over the next 18 months in around 55,000 sq m (592,034 sq ft) of retail, leisure and catering facilities on sites totalling 160,000 sq m (1.7m sq ft).
The company already plans a retail and leisure park just outside Madrid at Alcalá de Henares, as well as hotel, retail and catering schemes at Alovera in Guadalajara, and in Seseña in Toledo. It is in negotiation for a range of other sites.
Chief executive of Gabitat Juan Carlos Andreu said: “Assetalia’s intention is to provide a straightforward and professional service to leisure and retail occupiers providing quality buildings in the right locations.”
It is expected that projects developed by Assetalia will be sold to Whight’s pan-European investment business Pradera.
EGi News 13/11/00
