12 October 2018 – Eje Prime
Thor Equities is going to become the landlord of Primor in Madrid. The New York-based fund has leased number 11 Puerta del Sol to the Malaga-based perfume and cosmetics chain. The property, which is owned by Thor Equities and the real estate manager Invesco Real Estate, will house Primor’s flagship store in the Spanish capital.
The asset is located on one of the busiest commercial streets in Madrid. The store, which will open its doors at the beginning of 2019, will occupy the more than 1,400 m2 that make up the property, distributed over three floors. The lease contract has been signed for a duration of fifteen years, with a rent of around €360/m2/month, according to reports from El Economista.
The fund and Invesco Real Estate acquired the store from El Corte Inglés at the end of 2015 for €65 million. The property is one of four assets that comprise Thor Equities’s real estate portfolio in Madrid. The company made its last purchase in April when it acquired number 30 Gran Vía for €75 million. Moreover, Thor is also the owner of number 5 Puerta del Sol, for which it paid €5 million in March 2017.
The fund has undertaken this transaction together with Invesco Real Estate, one of the world’s largest real estate investment managers. The firm has been investing in Spain in different segments, such as the residential and logistics sectors, for several years. Specifically, its last major operation in the country involved its purchase of three logistics centres in Madrid and Barcelona for €173 million.
Original story: Eje Prime
Translation: Carmel Drake