Role: Investor and developer
Status: Fully operating asset in Spain
Uses: Retail and F&B
Milligan co-invested and undertook a €14 million refurbishment which transformed Maremagnum into a respected and exciting retail lifestyle destination.
In 2005 Maremagnum was a failing centre anchored by leisure and F&B and attracting tourists only. Milligan saw an opportunity to make Maremagnum a destination for the people of Barcelona, as well as the tourists. We conducted in-depth research, using focus groups, and regular incepts studies by Ipsos. We then transformed the tenant mix into a retail led scheme, including Mango, Adolfo Domigues, H&M, Jack and Jones and Pull and Bear.
The entrance was improved creating better access to the first floor and we created Centre Analyser – a sales recording system which we shared with tenants to improve performance and participation in marketing activity.
- When Maremagnum sold in 2007 for a landmark €122M it created over €50M in value
- 87% of locals questioned felt that the changes to Maremagnum meant it was a ‘better place to shop and spend time’