13/05/2014 – Expansion
Foreign funds continue with their gambling on the Spanish real estate. One of the most recent examples is the purchase of a German fund that acquired a shop of C&A brand on the Gran Via Street in Madrid. GLL Real Estate expects to receive a 5% return from the 2.500 square meter unit.
The C&A store is found at 48 Gran Via Street on the ground floor of a new construction building. The upper part of the property consists of luxury homes. It is the only building built along the street within the past sixty years.
The exact amount paid for the property remains uknown, however sources from the market estimate that the operation may have brought a €55 million gain to the seller. Last year, GLL Real Estate bought a BBVA´s office situated on the Paseo de Gracia Street in Barcelona. A year earlier it also acquired headquarters of Planeta on the Paseo de Recoletos Street in Madrid.
Original article: Expansión (by M. A.)
Translation: AURA REE