Metrovacesa and Colonial's shopping centre unit Riofisa have decided to pull out of a project to develop Madrid's largest shopping mall which the two Spanish companies were awarded in 2006. Construction of the Atlantys shopping mall in Valdebebas, northern Madrid, came to an halt this week when the two debt-laden developers said they had withdrawn their interest in the EUR 650 mln development,. The companies blamed tight credit conditions and the property downturn in the country.
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