Some 200 tenants in an innovatively designed centre with natural light and an abundance of green space – all under one transparent dome
Madrid, Spain – Carabanchel will soon be the site of an immense 90,000-square-metre (968,770 sq. ft.) shopping and entertainment destination known as Islazul Centro Comercial. The mall will be located next to the M-40 and the Vía Lusitana. Its primary trade area covers 1.3 million people - 25% of the population of the autonomous community of Madrid -, all of whom are no more than a 10-minute drive away from the centre.
Project co-developers, Ivanhoe Cambridge and Lar Grosvenor, intend to invest more than €250 million in this new shopping destination, which will house 200 stores and services, a 16-screen cineplex, a 24-lane bowling alley and parking for 4,500 vehicles. Among its anchors will be a 10,000-square-metre Eroski hypermarket.
Cutting-edge architecture
Islazul features an innovative design with a glass roof made of ETFE (ethylene tetrafluoroethylene), a state-of-the-art material used in major construction projects worldwide, including the Olympic stadium in Beijing, the new football stadium in Munich and the London’s Heathrow Airport Terminal 5.
Project manager Lissandro Dorbessan told journalists at the press conference announcing the launch that “the project combines first-class shopping and entertainment with a spectacular avant-garde and innovative architectural design.” Dorbessan explained that the design is based on “the concept of an island: a peaceful oasis, showered with natural light and an abundance of green space, where people can shop, relax and have fun.”
Ivanhoe Cambridge and Lar Grosvenor both have a great deal of experience in the design and construction of shopping centres around the world. According to Claude Dion, Vice President, Europe, of Ivanhoe Cambridge, headquartered in Canada, his firm brings a significant added value to the project, having spearheaded numerous large-scale retail developments in North America and Europe over the years.
The Carabanchel Development
Carlos Izquierdo, town councilor of Carabanchel, was on hand for the official announcement and elaborated on the status of the Carabanchel project, stressing the importance of Islazul for the area, where about 50,000 people are expected to be housed.
Mr. Izquierdo noted that Carabanchel would also feature a new college, a sports complex nearby the shopping centre and the line 11-subway extension. He expressed his satisfaction over the fact that Islazul will be built in this area and mentioned that the new centre will be ''one of the most emblematic projects of the area.''
Construction on Islazul is scheduled to start before the end of 2005, with the official groundbreaking slated for October of this year. Alberto Ruiz-Gallardón, the mayor of Madrid, has been invited to attend the ceremony.
Islazul at a glance
Developers: Ivanhoe Cambridge and Lar Grosvenor
Commercialization: Gestalia and SCCE (Society of Shopping Centres of Spain)
Architects: BDP and L35
Development schedule:Groundbreaking: Fall 2005
Investment: €250 million (CAD$372 million)
GLA: 90,000 m² (968,770 sq. ft.)
Hypermarket: 10,000 m² (107,640 sq. ft.)
Movie theatre: 6,000 m² ( 64,585 sq.ft.)
Bowling alley: 2,500 m² (26,910 sq. ft.)
Number of stores and services: 200
Parking: 4,500 vehicles
About Lar Grosvenor
Lar Grosvenor is a joint venture between Grupo Lar and Grosvenor, and was constituted in June 2000 to promote, invest and manage office projects, shopping centres and industrial sites in Spain. Gestalia was constituted in December of 2001. It is a service company dedicated to the administration, marketing and management of third-party shopping centres, as well as those of its own. It holds a portfolio comprising 19 centres and a gross leasable area of 268,000 m2.
Lar Grosvenor promotes and invests in shopping centres throughout Spain. These centres are designed over large areas, where the best shopping and leisure environments are combined. Lar Grosvenor takes an active role throughout all stages of its development projects (including the development of plans, marketing and control of the construction), from the purchase and preparation of the lots, to the handling over of the shopping centre.
About Ivanhoe Cambridge
Ivanhoe Cambridge is a recognized leader in the Canadian real estate industry. It is one of the country’s pre-eminent property owners, managers, developers and investors and focuses on high-quality shopping centres located in urban areas.
Headquartered in Montreal, Quebec, Canada, Ivanhoe Cambridge is active in Canada, the United States and Europe: in the United Kingdom – where it has recently purchased a 50% interest in St. Enoch Centre in Glasgow, Scotland – and in Poland – where it owns Wola Park shopping centre through the Central European Retail Property Fund, of which it is the controlling shareholder. In Spain, the Company is currently working with a local partner to develop Islazul Centro Comercial, a 90,000-square-metre shopping centre located in suburban Madrid.
The Company’s real estate portfolio consists of 3.5 million m2 of retail space and includes 43 regional and super-regional shopping centres. As at December 31, 2004, the market value of its assets stood at over €4.7 billion (CAD$7.0 billion).
Ivanhoe Cambridge is a principal real estate subsidiary of the Caisse de dépôt et placement du Québec. Amongst its shareholders, the Company also counts four prominent Canadian pension funds.