13 March 2017 – Expansión
Madrid’s high streets and specifically, those with the greatest numbers of tourist visitors, are starring in some of the largest investment operations in the retail sector.
The latest example is the purchase completed by the US fund Thor Equities. The firm, which specialises in the management and development of all kinds of real estate assets, has completed the purchase of a 520m2 store at number 5, Puerta del Sol, in Madrid. It has paid €43 million for the property, which is leased to the tenant Futbolmanía.
The fund Thor arrived in Spain in September 2015, when it acquired another store in La Puerta del Sol, worth €9.5 million, which used to be owned by Kutxabank.
Several months later, it spent around €65 million on a building owned by El Corte Inglés. The property, which used to house a bookstore, has a surface area of 1,344 m2 spread over three floors. A search is currently underway for a tenant for that property, following the departure of El Corte Inglés, which remained as a tenant for a year following the sale.
The US fund has also acquired the building at number 16 on Calle Fuencarral. In these operations, Thor has been advised by the real estate consultancy Knight Frank.
“We still firmly believe in the Madrilenian market – and in particular, in the area of high footfall around La Puerta del Sol – due to the continuous growth of the Spanish economy and the increase in consumer confidence, as well as the persistent increase in the number of overseas visitors to the city, all of which are leading to increases in retail sales”, said Jared Hart, CEO at Thor Equities.
Internationally, Thor Equities owns high-profile properties in London, including 1 Dover Street, 145 Oxford Street, 105-109 Oxford Street and Bond Street House on 14 Clifford Street, as well as the Burlington Arcade, as well as buildings on the Champs Elysees in Paris.
Original story: Expansión (by Rocío Ruiz)
Translation: Carmel Drake