Target: make ABC Serrano, one of the best situated commercial complexes of Madrid, up. This is what IBA Capital is planning for the following year to include in its to accomplish list. The great patrimonies´manager closed the purchase of one of the few shopping centers existing in the Milla de Oro of Madrid.
The company, founded by Jesús Valderrama, Sergio García and Thierry Julienne, acquired the center after disbursment of 60 million Euros and negotiations with its owner, Reyal Urbis real estate firm (in the arrangement started in February) and with the entity owning the property, Hypothe-kenbank (formerly known as Eurohypo). At the same transaction, IBA also bought an office building located at number 25 of Avenida de San Luis in Madrid (premises of Unidad Editorial, Expansión´s publishing company).
In summer, IBA acquired a building on the Plaza Catalunya Square in Barcelona from El Corte Inglés. “We are looking for property in prime zones so that it would not be difficult to find another tenant in case the previous one moves out. We don´t want logistical warehouses giving profiltability of 20%; we choose security” – Thierry Julienne points out. (…)
Once the shopping center was acquired, IBA Capital called up a tender for architect offices to relaunch it. At the final stage in which such offices as Herzog & de Meuron and International Architecture Development (IAD) participated, the renovation was granted to L35, an office chaired by Tristán López Chicheri and specialised in the shopping center design. “The idea is to add to verticality of the bulding, joining the elevators and stairs and creating the heart in the atrium zone” – says Julienne.
Awaiting the licences and procedures to be brought to an end, IBA pursues at starting the works in the second quarter of 2014.
The project will involve renovation of the shopping center, improving its accesibility, amenities and its general image and raising the number of shops with taller window displays. “There is an unused space of almost 2.000 square meters situated between the entrance from the Serrano Street and the upper floor destined for catering.”
The center covers more than 14.000 square meters of a Gross Lettable Area (SBA) about 93% of which is occupied. (…)
In order to fill the new space in, IBA has signed contracts with fashion brands interested in entering into the Spanish market. “(…) The demand is huge because paying 180 Euros per square meter for a local on the street and paying 80 Euros in a shopping center is uncomparable” – explain the partners from IBA Capital.
(…) Also, new tenants from the catering field are wanted. (…)
(…) The remodelling works will be carried out at night in order not to disturb the other tenants, including Mercadona. (…)
Moreover, the parking zone will be rearranged to improve accesibility to the center by creating more spaces, raising their number from present 287 to more than 300.