The golden era of shopping malls in Madrid is turning into something more nightmarish than you might think. The closure of large stores in classic shopping centers such as La Vaguada or Alcalá Norte are evidence of the rarity of a business model that is not going through the best of times.
On the other hand, there are projects that are presented as the epitome of gastronomic luxury and do not get where they expected. And others that are projected as the future of retail and end up in headlines that speak of precontests and failed promises. The most striking case is Oasiz Madrid, in Torrejón de Ardoz, a 250,000 square meter shopping center that promised to be the largest in Spain.
Philippe Journo, founder of the real estate group Compagnie de Phalsbourg, is the epicenter of this soap opera. It was he who dreamed of building a mega leisure center with go-karting, trampolines, motocross circuit and stores such as Nike, Mango or Fnac.
The preconcurso of creditors
The developer of the complex, Carlotta Iberia, has requested, according to Cinco Días, the preconcurso de acreedores after failing to get its partners to agree to convert 294 million euros of debt into equity loans. The accounts, according to them, do not work out.
Not even the convening of a key meeting has been able to stop the financial bleeding. Behind, the interests of a French family office (Alcadasorg), the British fund Cale Street Investment -which now controls the majority of the vote in the company- and Journo himself, who has refused to sign the 2023 accounts because he does not agree with the valuation of the property: 130 million euros, according to Economía Digital.
In this regard, Carlotta Iberia tells Madrid Secreto: “the decision to file for preconcurso de acreedores is a technical and preventive legal mechanism,whose objective is to guarantee the long-term sustainability of Carlotta Iberia. This measure responds to an inherited legal situation and in no way affects the daily operations of Oasiz, which continues to operate normally”.
He adds: “Carlotta’s objective remains to protect the interests of all parties involved – including creditors, tenants and employees – while maximizing the positive economic and social impact of the shopping center in Torrejón de Ardoz and its surroundings”.
A shopping center in the process of succeeding
Since its opening in 2021, Oasiz has not been the pole of attraction it was promised to be. In contrast to the proximity and experience of Parque Corredor, the public has not responded as expected.
Neither the “spectacular” architecture nor its slogan of “a space to live, shop and enjoy” have been able to consolidate it. In March 2024, it had 70 tenants, and now, thanks to the management of Eurofund and Savills, it has reached 81.