Abstract
Creating a leisure centre, whether with or without any retail floorspace, raises similar problems to the creation of a shopping centre. There are plenty of shopping centres in Spain, but the concept of creating an investment with growth potential is a comparatively new one in the country. Most of the shopping centres built there until quite recently were either built by the hypermarket operators, who were owner occupiers of the majority of the space, or a developer who sold as much of the development as he could to owner occupiers so as to finance the scheme. The concept of keeping the centre as an investment, selling the completed centre to an insurance company or pension fund, until recently, was unknown or at least untried.
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