10 October 2016 – Real Estate Press
El Corte Inglés has sold a shopping centre located on Paseo de la Castellana, 83-85 in Madrid to Monthisa Real Estate for €150 million and a return of just under 4%. Monthisa Real Estate has been advised by the international real estate consulancy Inmored.
The operation has been structured as a sale & leaseback, whereby El Corte Inglés will remain as the tenant for at least ten years. Currently, El Corte Inglés occupies this centre, which also houses a Bricor store, a branch of ECI’s travel agency and a veterinary hospital, open 24-hours a day.
The acquired space has a surface area of 17,500 sqm, which is divided into three above ground floors and three basement floors. The shopping centre is located on the ground, first, second and first basement floors. The second basement floor houses the car park and the technical services are located on the third basement floor. Both Monthisa Real Estate and Inmored declined to comment on the operation.
The Azca area is undergoing a transformation at the moment and investors are focusing on it. El Corte Inglés plans to build a shopping arcade for luxury brands on the plot of land it acquired from Adif two years ago, located between Paseo de la Castellana and its Nuevos Ministerios shopping centre. Meanwhile, Zara is going to open a new flagship store at number 76 Paseo de la Castellana on the premises that used to be occupied by Habitat and Fnac. And, the ground floor of the former headquarters of BBVA, owned by GMP, is currently being refurbished to house two other commercial premises.
The real estate consultancy Inmored, which was launched in 1995 and which is a member of The International Retail Network with offices in Europe and the USA, recently advised Inditex on the rental of an entire building on Calle Preciados, 9 in Madrid.
Original story: Real Estate Press
Translation: Carmel Drake