The European Investment Bank (EIB) is supporting the urban development of the Palmas Altas district of Seville by financing the construction of a new commercial center involving the conversion of unoccupied land between the port and the A4 motorway that is frequently used for fly-tipping into a new service area. The EU bank is granting an EUR 70 million loan to Lar España Real Estate, the company tasked with implementing the project. The finance agreement was signed on October 26th in Madrid by EIB Vice-President Emma Navarro and Lar España’s CEO José Luis del Valle in an operation backed by the Investment Plan for Europe, known as the “Juncker Plan”.
Lar España will be able to make flexible use of this corporate loan to ensure the development and implementation of this investment and the achievement of its business plan, one of the main pillars of which is sustainability.
The Lagoh commercial center has a surface area of over 120 000 square meters and is a so-called third generation commercial center designed in accordance with state-of-the-art technologies. It will house around 190 shops, entertainment facilities and outside leisure areas. The project includes the construction of additional necessary infrastructure such as pedestrian and vehicle access routes, plus new bus stops linking it to the urban public transport system. As a commercial center granted BREEAM (Building Research Environmental Assessment Technology) international sustainability certification, it will be equipped with renewable energy technologies such as solar panels and geothermal systems.
The project will also contribute to the development of the district’s economic and social fabric by providing new services and facilities in this future urban district of Seville, encouraging new private investment and fostering entrepreneurship and job creation in an EU convergence region. Its planned implementation in 2019 will create jobs for around 1 400 people. Apart from this direct employment, the project will generate around 2 000 indirect jobs.
Original source: EIB
Published on 26 October 2018
