Milligan created over €50 million in added value, selling for a landmark €122 million in 2006.
In 2005 Maremagnum was a failing centre with a poor reputation, owned by Credit Suisse and Pacific Investments and financed by Aareal Bank. The centre was anchored by leisure and F&B, attracting tourists only.
Milligan were approached by the investors, asking for help. Milligan saw an opportunity to make Maremagnum a destination for the people of Barcelona, as well as the tourists. We conducted in-depth research, using focus groups, and regular incepts studies by Ipsos. We then transformed the tenant mix into a retail led scheme, including Mango, Adolfo Domigues, H&M, Jack and Jones, Pull and Bear.
The entrance was improved creating better access to the 1st floor and we created Centre Analyser, a sales recording system which we shared with tenants to improve perfomance and participation in marketing activity.
We hijacked the city's annual La Merce Festival making it the centre piece for our re-launch event significantly boosting ROI.
A partnership with an award winning and high profile graphic designer was forged for the re-brandng exercise and we launched an innovative independant boutique concept as a pop up event bringing the highly acclaimed Pulgas Mix Event to our site.
In 2006, following redevelopment, 87% of locals questioned felt that the changes to Maremagnum meant it was a'better place to shop and spend time.'
When Maremagnum sold in 2007 for a landmark €122M it created over €50M in value.