Spanish listed property firm Realia and Carrefour Property have joined forces to complete the development pf and operate the As Cancelas shopping centre located in Santiago de Compostela, Spain. The total investment is expected to amount to EUR 90 mln.

The two business partners have founded the As Cancelas Siglo XXI firm, which is owned on a 50/50 basis by Property Santiago, a fully-owned unit of Carrefour, and Nasozena, a firm 75%-controlled by Realia and 25%-owned by Reordo and Inversiones Saona.

Designed by renowed architect Chapman Taylor, As Cancelas is due to open in the second half of 2012. The scheme, offering over 50,000 m2 across 140 shops and 2,150 parking spaces, is expected to generate EUR 11.4 mln in annual rents on completion.

'The partnership with a high-quality partner such as Carrefour guarantees the viability of the project,' said Íñigo Aldaz, managing director of Realia. C&W and SCCE are responsible for the marketing of the asset.

The operation is part of Realia's strategy to focus on income-generating assets.

Carrefour Property owns 114 assets in Spain offering 1.2 million m2 of commercial space.