Salsa Patrimonio, part of the Larios group, has become the sole owner of the El Ingenio commercial centre in Vélez-Málaga. Last month, it acquired 13,782 square metres of the site from Cecosa Hipermercados SL which trades as Eroski.
The area changing hands, including the Eroski supermarket and the petrol station, has been owned by Eroski since the complex opened in 2000. It has agreed a deal to rent back the supermarket site for 25 years, albeit with its footprint reduced by a third to 8,816 square metres.
“is part of the ongoing investment strategy of the company, which aims to optimise its leased assets by acquiring new spaces and modernising existing ones to adapt to new market demands.”
Salsa Patrimonio said in a statement that the transaction, “is part of the ongoing investment strategy of the company, which aims to optimise its leased assets by acquiring new spaces and modernising existing ones to adapt to new market demands.” The investment and planned major refurbishment has come with a reported price tag of €25 million.
The El Ingenio centre attracts more than nine million visitors per year of which more than half are from outside Velez-Malaga and Torre del Mar. It directly employs more than 700 people with indirect employment of over 500.
