La Farga, l’Hospitalet, Barcelona
La Farga is a 20,000m2 urban shopping centre in the heart of l´Hospitalet, Barcelona. This municipality is one of the most densely populated in Spain and La Farga acts as the defacto high street.
How we saw the opportunity
La Farga was not a typical Temprano acquisition in that it had 90 percent occupancy on purchase. However, we saw an opportunity to redimension the asset as a community centre appropriate to its primary catchment, most of which visit the centre on foot.
How we added value
Temprano acquired the asset through open market sale in November 2014. Since then we have:
- re-geared leases
- adjusted the merchandising to fit the primary catchment
- installed a highly successful low-cost gym in the upper floor
- re-dimensioned service charges
- implemented a successful and targeted marketing programme
- optimized parking revenue
- implemented an ongoing CapEx programme
As a result, we have increased NOI by 180 percent.
l’Hospitalet de Llobregat