Oasiz, the large shopping center in Torrejón de Ardoz—and the largest in Madrid with a total area of 250,000 square meters— has officially entered into insolvency proceedings: Madrid Commercial Court No. 14 has accepted the voluntary request filed by Carlotta Iberia, the company that owns the complex, according to Cinco Días.
This voluntary request comes after negotiations between Carlotta Iberia and its creditors—including the Cale Street fund, the main shareholder, and the Torrejón de Ardoz City Council—to reach an agreement on a restructuring plan ultimately proved fruitless.
As a result, the court “has appointed PKF Attest as the insolvency administrator,” according to the financial publication.
What does Oasiz’s entry into insolvency proceedings mean?
Image courtesy of Oasiz Madrid
Despite this situation, the fate of the shopping center is not necessarily closure. In fact, Oasiz will remain open to the public for the duration of the liquidation process, and according to La Vanguardia , “a block sale is being negotiated with continuity of commercial operation.”
This means that 80% of the complex’s retail space—occupied by brands such as Fnac, Mango, Lidl, and the Cinesa cinema chain—will continue to operate, at least for the time being.
A brief history of Oasiz and the causes of its decline
Image courtesy of Oasiz Madrid
The history of the Oasiz Shopping Center is one of high expectations that were never fulfilled, even before it opened its doors: what was to be the largest shopping center in the Community of Madrid delayed its opening four times (2019, 2020, and September and October 2021).
The complex finally opened to the public in December 2021, but the large-scale project failed to have the expected impact, either in terms of retail space occupancy—which has never reached 100%—or in terms of visitor numbers.
One of the main reasons for the latter—the lack of footfall—is the proximity of the Parque Corredor Shopping Center, with an area of 123,000 m² and located a few kilometers from Oasiz.
Its history dates back to 1995 and, according to the Torrejón City Council itself—now on Oasiz’s list of creditors for unpaid taxes—this shopping center “is a benchmark in the region both for its history and for its evolution and contribution to local development.” Among the brands present are an El Corte Inglés outlet, Primark, Levi’s, Zara, H&M, and Pepco.