12 December 2017 – Eje Prime
A new operation has been signed in the heart of Bilbao. The Basque family office Invivas, which is backed by the family of Sabino Arrieta Heras, has sold a shop in the heart of the Basque city to Grupo Arenal. The purchaser is a family office specialising in investment in real estate assets and the owner of the Arenal perfume chain, according to explanations provided by the company to Eje Prime. The operation has been brokered by the real estate consultancy firm Catella.
Grupo Arenal, which did not want to disclose the amount of the operation, could have paid around €6 million for the asset. The property is located at number 3 Calle Navarra and its façade is more than 70m long. The store is located between the retail thoroughfares of Gran Vía, Rodríguez Arias and Ercilla.
It is a strategic location, which, as well as being home to the country’s major fashion retailers, such as El Corte Inglés, Inditex and Mango, is expecting to welcome a new Primark store soon; moreover, a high-speed train station is being built in the vicinity.
The space was the former main branch of Banesto in Bilbao and has a total surface area of 2,500 m2, spread over three floors. The first floor measures 777 m2, the ground floor spans 841 m2 and the basement has a surface area of 881 m2.
With this sale, Grupo Invivas, led by the former number two of the Basque Government’s Home Office (…) is divesting in the heart of Bilbao. This family office has been starring in real estate operations for several years, especially in the País Vasco, but also in the international market.
Its most recent purchases include a retail store in Miami, through Invivas Miami Real Estate, for €5.2 million (…). Four years ago, in the summer of 2013, it launched its operations in Germany with the purchase of a 1,000 m2 building in Frankfurt, used as offices and retail space, for €7 million (…).
The retail sector is thriving in the País Vasco
One of the most active segments in Bilbao in recent months has been retail, as a result of the improvement in consumption. The activity in terms of new arrivals in the city has been led by domestic fashion brands, which have accounted for 44% of the new movements, followed by accessories firms (23%) and specialist brands (19%), according to a study compiled by the real estate consultancy firm CBRE (…).
The situation is similar in San Sebastián, where major groups such as Fnac and Zara have now arrived in the Mercado de San Martín; moreover, Pull&Bear, Mango and Violeta have set up shop in the former Kutxabank building (…).
Original story: Eje Prime (by Custodio Pareja)
Translation: Carmel Drake