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Mexican Investor Buys Gran Vía 14 For €21m

3 February 2015 – Expansión

A private Mexican investor has acquired the building located at number 14, Gran Vía, Madrid for €21 million. The property currently houses the Madrid Institute of Family and Children.

The property consultant CBRE advised on the transaction for the sale of the property, which is currently leased to the Community of Madrid and has a surface area of 4,600 square metres.

According to Miguel Fuster, CBRE’s Investment Director, this acquisition reflects the strategy being adopted by investors of acquiring assets in strategic locations that have clear potential for rental growth and the possible repositioning of the assets.

In fact, the pressure on prices is generating a clear, positive expectation in terms of rental growth and a recovery in the rental sector, he added.

This transaction consolidates last year’s trend in terms of investment, which reached record levels, and was the third deal that CBRE advised on in January; it also advised on the sales of BMW’s headquarters and Castellana, 77, also known as the Torre Saint Gobain.

Ortega acquired Gran Vía, 32

Recently, Amancio Ortega, bought the landmark building on Gran Via, 32, through his investment vehicle, Pontegadea. The property, which will house Primark’s future flagship store in Spain is currently leased to retail brands such as H&M, Mango and Lefties (Inditex Group), as well as companies such as the Prisa Group.

Original story: Expansión

Translation: Carmel Drake