31/01/2014 – Expansion
Fashion brand Mango announced yesterday acqusition of two properties in Madrid with view on opening new shops.
The two buildings are situated in the most vivid commercial areas of Madrid: on Serrano and Orense Streets. In the Milla de Oro madrileña, Mango bought the buling at number 60, of 8.100 square meter space that has already changed the owner in summer. That time, the British fund Meyer Bergman paid 50 million Euros for it to La Caixa that left the ground floor premises of 2.500 m2 soon after.
There, the company chaired by Isak Andic will place its traditional clothing lines plus its new Mango Kids, Mango Sport&Intimates and Violeta by Mango. The fashion brand is said to have paid 60 million Euros for the property, advised by Cushman & Wakefield. (…).
The Orense Street
The other building acquired by Mango is located at 13 Orense Street. It has got 3.000 square meters of space, 2.500 of which are destined for sales.
Both shops will be opened in September 2015 (…).
The purchases add to other investments of Mango in Bilbao (the acquisition of old premises of BBK on the Gran Vía Street for 40 million Euros).
The Spanish textile group close the fiscal year 2012 with sales of 1.691 millon Euros, about 20% more, and the net gain of 113,4 millon Euros.
Original article: Expansión (Rocío Ruiz)
Translation: AURA REE