The German Fund management company Deka Immobilien, investing branch of the German savings banks, has acquired the trade premises located at Serrano Street, 5 in Madrid, headquarters of the textile firm Adolfo Domínguez since 2007. The acquisition has been closed for 18 million Euros.
The premises, with 2.534 square meters in four floors and a lower ground floor, is the flagship store of Adolfo Domínguez. (…) The premises occupy 52% of the building, located at the corner of Serrano and Recoletos. The rest are luxury apartments.
Adolfo Domínguez rented it for 20 years in November 2007. The company has confirmed that it will stay in the premises, promoting the activities carried out in it, such as expositions and activities of its foundation.
The profit of the rented premises reaches 6%.
This operation confirms the current trend of the real estate investment market, which proves the appetite of the most conservative capital for the premium assets in first level commercial areas. Madrid reaches the second position right now, after London, in the ranking of preferred cities for shopping, and Serrano is one of the streets with more appeal.
The building has been sold by a Spanish company, whose identity is still unknown, advised by the management company TBCA Real Estate. (…)
This has been the second acquisition of the German company in Spain this year. Deka acquired a building in Ronda de San Pedro in Barcelona for 19 million Euros.