3 March 2017 – Cinco Días
Trinitario Casanova has completed his second lightning operation in Madrid. (…). On Wednesday, the Murcian businessman formalised the purchase of a building on Madrid’s Calle Preciados, the most expensive street for retail premises in the city, and immediately sold it to the Texan fund Hines.
The property acquired on c/Preciados by the owner of the Baraka Group has a surface area of almost 1,700 m2, spread over a basement floor, ground floor and four above ground floors. The idea is that the whole building will be renovated for commercial use and converted into a flagship store for a major brand.
This is the same approach to a deal that Casanova adopted when he purchased a Bankia branch on Gran Vía in Madrid last year. In that case, the end buyer was also Hines, after the hamburger chain Five Guys confirmed that it would lease the space. In exchange, Casanova obtained a fast profit.
It also resembles the major operation that the businessman has signed in Madrid recently – the purchase of Edificio España from the Chinese group Dalian Wanda. That transaction, amounting to €272 million, has not been closed yet, but the hotel chain Riu has confirmed its participation as a partner investor and brand, as well as the manager of the future hotel. Nevertheless, in September, the Murcian businessman admitted that he still needed to find €200 million to finance the renovation work (…).
In the case of the property at number 13, Calle Preciados, Casanova has purchased it from several families, in an operation advised by Pérez-Llorca and Cushman & Wakefield. The parties have not revealed the consideration paid.
Cortefiel has decided to close the store of its Springfield brand, which occupied this building until now. The property also currently houses a local fashion company called Símbolo.
Original story: Cinco Días (by A.S.)
Translation: Carmel Drake