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"Parque Principado", Ovideo, Spain. /// credit: ECE
"Parque Principado", Ovideo, Spain. /// credit: ECE

Full Occupancy After Restructuring For ECE-Managed “Parque Principado” Shopping Center In Spain

ECE Marketplaces has successfully completed the restructuring of a former hypermarket space in the Spanish shopping center “Parque Principado” in Oviedo. The space has been let to several popular tenants, and thus, the center is again fully let.

Following the hypermarket’s departure in 2022, the modernized space of around 12,000 sq m, which is now divided into several store units, has thus been attractively re-let and various additional offers have been added to the center.

The new tenants include sporting goods retailers Sprinter and Futbol Emotion, clothing retailer C&A, non-food discounter Pepco, perfumery Primor and art and craft store Milbby. In addition, existing tenants such as H&M, Lefties and Primark have increased their space and extended their lease contracts at the same time. An expanded Zara flagship store had already opened in the center in spring 2023.

With the successful restructuring, ECE Prime Shopping Centre Fund II, which is managed by ECE Real Estate Partners, is fulfilling a key strategic objective as the owner of the shopping center, which it acquired at the beginning of 2020 with the aim of realizing the existing potential for value appreciation. A double-digit million euro amount was invested in the refurbishment and optimization measures.

Parque Principado was opened in 2001 and has a strong market position in the Asturias region with around 140 stores in a rental space of around 74,000 sq m. ECE is responsible for the asset and center management, leasing and the refurbishment project, and working with Cushman & Wakefield as a local partner.


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