British based private equity firm Doughty Hanson (DH) announced the cancellation of Spain’s largest luxury shopping centre, North East of Madrid, in Valdebebas. The 140.000 sqm shopping centre was mainly conceived to target foreign travellers, being directly connected to Madrid’s Barajas international airport. The total investment of in the Valdebebas project was estimated at 400 million euros, of which 110 million euros would be supported by local authorities.
The Council of the District of Valdebebas has already initiated discussions with other major international real estate investment funds to pursue the development. The Spanish media attributes the cancellation of the project to Europe’s deepening financial crisis.
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