14 March 2017 – Real Estate Press
CBRE GI and IBA Capital have sold the building located on Calle Preciados, number 9, in Madrid for around €100 million. The property, which is currently being renovated, is leased to the Inditex brand Pull & Bear. The real estate consultancy firms JLL and Colliers have advised the sale operation.
Inditex will open a flagship Pull & Bear store in the property, which it leased on the advice of the real estate consultancy Inmored, itself part of The International Retail Network. The store will have a surface area of 2,400 m2, on one of the busiest high streets in Madrid, and is located just a stone’s throw away from La Puerta del Sol.
The former owners, IBA Capital and CBRE GI, entrusted the sales mandate to JLL and Colliers.
The property was acquired from El Corte Inglés by IBA Capital, which subsequently allowed CBRE GI to enter the deal in an operation that included the ABC Serrano shopping centre.
Generali Real Estate, the new owner, is one of the largest global mangers, with a presence across the main markets in Europe. Generali has made its first foray into the retail segment in Spain in a prime location and with one of the world’s leading retailers as its tenant.
Original story: Real Estate Press
Translation: Carmel Drake