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CANNES-Developer Assetalia and Hypermarket operator Groupo Eroski are to build a 100-acre retailer park outside Bilbao, Spain. As part of the agreement, Eroski will open a 168,000-sf hypermarket.

What will be northern Spain’s biggest shopping park will include a 320,000-sf two-level shopping mall, a 380,000-sf retail park, cinema and factory outlet elements and an 8,000-space car park. The joint venture developers hope it will be worth €350 million ($350 million) when it opens in 2005.

Assetalia chairman Paul Whight commented: ‘The scheme can be likened to the Metro Centre in Northern England, where a major shopping park managed to regenerate an area that had been devastated by the closure of coal, steel and shipbuilding industries.’

Developers expect a commercial permit for the scheme to be granted next month. They have appointed Jones Lang LaSalle as letting agent and Gabitat as project manager.

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