Marineda City

Marineda City is the dominant shopping centre in northwestern Spain and the most strategically significant retail asset Merlin Properties has acquired since the SOCIMI’s 2014 listing. The 178,000-sqm super-regional centre opened in 2011 in A Coruña, a Galician port city of 245,000 residents, and was originally developed by Invest Cos and Tristan Capital Partners. Merlin Properties acquired Marineda City in 2024 for €260 million, in a transaction that signalled the operator’s expansion from its primarily office-focused portfolio into prime retail real estate.

The catchment captures essentially the entire Galician retail market plus material spillover from northern Portugal and the Asturian coast. A Coruña sits at the centre of a 1.2-million-resident regional market with no comparable retail offer at this scale. Marineda City’s tenant mix anchors the regional capture: Hipercor handles the hypermarket function; Primark, H&M, and the full Inditex group cluster (Zara, Massimo Dutti, Pull&Bear, Bershka, Stradivarius, Oysho, Lefties) occupy continuous corridors; FNAC, MediaMarkt, and Decathlon round out the volume tenants.

The Inditex concentration deserves specific note. Inditex is headquartered 18 kilometres from Marineda in Arteixo, and the Galician home-market positioning has translated into one of the most comprehensive Inditex tenant clusters in any Spanish centre, with formats unavailable at smaller regional properties.

For Merlin Properties, Marineda represents the SOCIMI’s flagship retail asset and the cornerstone of its post-2024 retail thesis. The €260 million acquisition values the asset at approximately €1,460 per sqm, a metric that establishes a market reference for super-regional Spanish prime retail.