CaixaBank has finalized a bilateral loan of €64.42 million for El Cañaveroll Retail Park in the Vicálvaro district of Madrid, supporting a development led by OMO Retail and backed by Rodríguez Normand. The financing, structured through the bank’s Corporate & Investment Banking division, shows the institution’s confidence in large‑scale mixed‑use retail projects within the capital.
Funding and Project Scope
The loan, provided by CaixaBank’s Corporate & Investment Banking unit, targets a total investment that will exceed €100 million. The park will sit on roughly 214,886 sqm of land, offering a usable floor area of 73,974 sqm.
Planned facilities include 54 retail units, 2,573 car parking spaces, and 196 motorbike spots. The layout is divided into five zones: food; DIY and workshops; fashion, sports and pets; home and dining – the latter featuring a double‑height layout; and leisure with 13 padel courts. The plan, oddly enough, includes a double‑height layout for the dining area.
Site and Economic Impact
The complex is positioned in south‑east Madrid, an area home to about 210,000 residents. Ongoing housing projects such as Los Berrocales and Valdecarros will add over 53,000 new homes, pushing the local population to roughly 350,000 by completion.
These residential expansions are part of Madrid’s broader urban renewal strategy, which targets improved amenities and job creation in peripheral districts.
CaixaBank’s statement highlighted that the park is expected to generate more than 1,500 direct jobs. Annual revenue is projected at €11.5 million, with an opening slated for the 2027 Christmas shopping season.
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Given the scale, the development could become the largest retail park for medium‑sized retailers in the city and one of Spain’s most significant retail projects under construction. If demand stays strong, the area may see a boost in ancillary services and transport upgrades.
Tenants and Construction Progress
Marketing partner Savills has confirmed anchor tenants such as Mercadona, Lidl, Ahorramás, Urban Planet, Ilusiona, Planet Fitness, Kiabi and McDonald’s. At the start of construction, 77 % of the gross lettable area was already leased, more than 20 months ahead of the planned opening.
Savills, acting as the marketing adviser, is leveraging its international network to secure tenants that complement the mixed‑use concept, ensuring a balanced retail mix.
The foundation stone was laid on 27 April, marking the official start of work. With the loan secured and most space pre‑let, the project appears on track to meet its 2027 deadline.
The project’s scale also supports ancillary businesses such as logistics and maintenance.
