22 January 2016 – Expansión
The US real estate company Hines has acquired the retail premises at number 44, Gran Vía in Madrid for €40 million. The property has just been leased to the US hamburger chain Five Guys, which has signed a long-term contract to open its first restaurant in Spain there.
The premises have a surface area of around 900 m2, spread over three floors, and Five Guys expects to open its first Spanish outlet in the summer (2016). The US chain has more than 1,300 fast food outlets all over the world.
Hines has purchased the asset from the Spanish real estate company Grupo Baraka and has executed the transaction through its fund Hines Pan European Core Fund, which recently made its debut in Spain with the acquisition of another retail premises for around €38 million. That property is located in the centre of Barcelona and is leased to Desigual.
Original story: Expansión (by Marisa Anglés)
Translation: Carmel Drake