17 February 2016 – Cinco Días
CBRE Global Investment Partners will keep IBA Capital Partners as a partner and manager of the two assets, with the aim of current works to continue uninterruptedly, says the former in a notice.
The company is developing a Shopping centre repositioning project of ABC Serrano, as well as a complete remodeling of the building at Preciados, to transform them into reference shopping centres in two of the main areas of Madrid.
ABC Serrano shopping center, located in the heart of Madrid’s Golden Mile, has a gross lettable area of 14.000 m² and will offer an integrated mix with fashion shops, restaurants and entertainment.
ABC Serrano, located at Madrid´s Calle Serrano 61, was sold by Reyal Urbis Real Estate company in November 2013 to Iba Capital Partners fund manager.
The transaction, which responds to the liquidity problems of the Real Estate Company chaired by Rafael Santamaría which is in administration process, closed at the time of selling Unedisa – publisher of El Mundo, Marca and Expansion, for EUR 96.6 million.
The Shopping Centre has different stores, including a Mercadona supermarket, dining options and a gym.
The building is located at Calle Preciados 9, has a total area of around 2,400 m² and will become a flag ship store.
As noted by the CEO of CBRE Global Investment Partners, Jeremy Plummer, the company had the unique opportunity to access two top-level business assets in Madrid and take advantage of the market recovery through its repositioning.
For their part, the managing partners of IBA Capital Partners, Jesús Valderrama and Thierry Julienne, weep that with this transaction, IBA develops in the Spanish property market a strategic alliance in the sector by the hand of one of the largest real estate assets managers at the international level.
CBRE Global Investors is a real estate management company with 89,000 million in assets under management at December 31, 2015.
Original story: Cinco Días
Translation: Aura Ree