This was our first continental venture. Our partners were the existing owners, Credit Suisse and DLJ Real Estate Capital Partners, a fund managed by Credit Suisse and Pacific Investments plc.
In 2004 Milligan and Denton Developments co-invested into Maremagnum and undertook the €14 million refurbishment that would transform Maremagnum into a high profile fashion and leisure destination.
We appointed local, specialist agents, shophunters, to seek out the right retailers and we worked with local marketing and communications companies to support the existing retailers, to renew local confidence and to generate interest in the centre.
Maremagnum now has a 22,000 sq/m retail area, offering an energetic mix of fashion and lifestyle stores and leisure and restaurant destinations, including: Mango, Pull and Bear, Lefties, Desigual, U Casas, Woman’s Secret, Adolfo Dominguez, Springfield, H&M and many more. It receives over 12 million visitors a year and is a popular destination with tourists and Barcelonans.
Research undertaken in June 2006 showed that 87% of locals interviewed thought that the repositioning had made Maremagnum a much better place to shop and spend time. The research also found that average dwell time in the centre was 80 minutes, an increase of 30% in six months and that 60% of those interviewed very much liked Maremagnum, compared to 45% of those interviewed in 2005.
Following this successful refurbishment and repositioning Maremagnum was sold to Corio in July 2006.