Carlotta Iberia, owner of the Oasiz Shopping Center, located in the Torrejón de Ardoz municipality of Madrid, will ask the judge to declare a competition of accreditation and open liquidation to be able to sell the shopping center and be able to pay off a significant portion of the debts. The main and approved shareholder, Cale Street Investment Fund (which financed the construction of the complex) has agreed to submit a bid to acquire the production unit, which will allow it to maintain the management of the business it has had since 2024, sources close to the process indicated. Cinco Dias.
The Administrative Board of Carlota voted this month in favor of requesting an accreditation competition at Juzgado Mercantil No. 14 in Madrid, the judicial body that has been assuming the previous status (opening negotiations with accreditors to agree on a restructuring plan) until now, in order to explore different alternatives. Along with this tender, the liquidation of the company is required, which agrees to Cale Street to make a bid for the business (both the shopping center and contracts with trademarks and other rights).
Carlotta reached this situation after incurring additional costs to build Oasiz and also due to delays in the business plan, as the company had more than expected to attract brands. This has resulted in the property being valued at €140 million, according to the latest valuation by consultancy CBRE, well below the €320 million of accumulated debt that expires at the beginning of 2026.
The company had appreciated the option of requesting debt settlement, but due to the financial impact (since this difference is considered interest) in corporate tax, it had abandoned that route. Cal Street also bet on taking out the mortgage security while it was stuck in the store complex, but it bet on how it would put up a quantity (still unknown, but larger than CBRE’s fee) for its association with Wise’s company and its contracts (known as the production unit).
The debt that Carlota holds with CalStreet is 142 million, so it is basically expected that with this offer the British Fund will have a greater opportunity to recover the money provided, as well as the Torrejon de Ardoz Fund for tax debts. It’s more complicated that the company’s promoter, Compañía de Phalsbourg, is covering something up. Unless there is a third party who makes a larger offer than the one made on Cale Street when the judge opens the Puja bidding space. The alternative of acquiring the works from the British Fund would be a seamless transition, if only for the Doino exchange.
The problem for the center’s promoters has been that since its opening in 2021, it has not performed as expected, with low store occupancy and customer flow, compared to the efficiency of the more consolidated Parque Corredor, which will also change due to the purchase by CBRE IM. The driver of the Oasiz was the French company Compagnie de Phalsbourg, in cooperation with Family office Cadasorge rooster. This is done through the subsidiary Compañía de Phalsbourg, which is in the process of liquidation.
In the wake of Oasiz’s financial problems, Cale Street forms a golden measure with 75% of the voting rights in the community, while the Compañía de Phalsbourg and Alcadasorg retain the remaining 25% of the voting rights and 100% of the economic rights.
Oasiz is one of the largest centers in the Community of Madrid, with a gross leasable area of 90,000 m2, a total surface area of 250,000 m2 and 3,600 parking spaces. Its main locations are linked to Lidl, Fnac, Nike, Pull & Bear, Mango, Action and Adidas and, above all, it offers a strong entertainment offer such as cinemas (Cinesa), motocross circuit areas, fitness, trampolines, interactive sports games, GamesBolera LLC Kartingamong other things.
In recent months, the shopping center has gained new tenants and occupancy currently stands at 80%, following operational management entrusted by Carlotta to Eurofund and Savills. Likewise, over the past 12 months its sales increased by 18.5% and visitor flow increased by 3.8%.