Spain’s shopping centres: four listed landlords hold about a tenth of the floor space

Spain had 592 shopping centres and retail parks at the end of 2025, with 16.9 million m² of gross leasable area, according to AECC, the industry association. Four listed landlords publish a detailed list of their Spanish assets: Carmila, Merlin Properties, Unibail-Rodamco-Westfield and Klépierre. Add up their Spanish floor space and you get about 1.8 million m². A little over a tenth of the stock. In Brazil, three listed landlords hold close to a fifth.

The market itself is in good shape. Sales in centres and parks reached a record €58.5 billion in 2025, up 6%. Footfall rose 2.4% to 1,955 million visits, and average spend per visit 3.5%. AECC counts €2 billion invested across 32 transactions, the highest level since 2018, and 36 projects due by 2028, 28 of them retail parks.

Four landlords, four ways of holding ground

Carmila has by far the most sites: 75 assets in Spain, valued at €1,350.8 million, or 20% of its portfolio. They are malls attached to Carrefour hypermarkets, whose buildings belong to Carrefour group entities. Their list in the 2025 Universal Registration Document adds up to 457,218 m². The median mall is 3,081 m², and 62 of the 75 are under 10,000 m². The largest: As Cancelas (50,261 m², 50% owned), Fan Mallorca (37,847 m²) and Huelva (33,441 m²).

Merlin Properties, a Spanish landlord, owns 12 centres in the country totalling 447,330 m², plus a thirteenth in Lisbon. Marineda, in Galicia, is the largest at 132,384 m². Tres Aguas in Madrid (67,940 m²) is 50% owned through an associate. Across its shopping centres, Merlin reports 97.0% occupancy for 2025, tenant sales up 6.6% and footfall up 2.1%.

Unibail-Rodamco-Westfield has only six centres in Spain, but they are the largest of the four portfolios: 526,000 m² of total space, 392,600 m² of it consolidated. Westfield Parquesur in Madrid (159,000 m²) leads, ahead of Westfield La Maquinista in Barcelona (94,500 m²) and La Vaguada in Madrid (87,000 m²). Then come Westfield Glòries, Garbera in San Sebastián and Splau.

Klépierre also has six, all wholly owned, for 367,417 m²: Nueva Condomina in Murcia (114,380 m²), La Gavia (85,281 m²) and Plenilunio (72,710 m²) in Madrid, Meridiano in Tenerife, Principe Pio in Madrid and Maremagnum in Barcelona.

Landlord	Assets in Spain	Area (m²)	Area definition
Carmila	75	457,218	GLA of the malls
Merlin Properties	12	447,330	GLA
URW	6	526,000	total complex area
Klépierre	6	367,417	GLA
Total	99	1,797,965
Spain (AECC)	592	16,900,000	centres and parks, end of 2025

What the sum hides

The four groups do not measure the same thing. Carmila counts only its malls, without the hypermarket. URW gives the total area of the complex. Several assets are held at 50% or a little more. And nothing guarantees that all of Carmila’s 75 malls are in AECC’s count, so comparing 99 assets with 592 centres would be meaningless. The order of magnitude for floor space, about 10%, holds.

Carmila and URW sum it up: 75 sites on one side for 457,218 m², six on the other for 526,000 m². The rest of the stock, more than 15 million m², belongs to owners that publish no asset list. Geography is concentrated: Madrid has 19.7% of the floor space and Andalusia 19.2%, according to AECC. For anyone selling to Spanish shopping centres, most of the decision-makers sit outside these four groups.

What our register shows

The Retail Prospect register, the shopping-centre database published by HOWEB, currently lists 152 centres in Spain. Most do not yet have an area attached: the lists of the four landlords named here are being matched to the records, and every value keeps its source.

Spain’s shopping centres: four listed landlords hold about a tenth of the floor space

Four landlords, four ways of holding ground

What the sum hides

What our register shows

Sources