25 November 2016 – Expansión
The Dutch real estate group has strengthened its presence in Spain with the purchase of a luxury store at number 15 on the Madrilenian street of José Ortega y Gasset. The premises, which are occupied by the exclusive shoe and bag maker Jimmy Choo, have a surface area of 396 m2 spread over three floors – the basement, ground floor and mezzanine levels – . Market sources indicate that, given the location and characteristics of the asset, the store is worth between €15 million and €18 million.
The asset, which was previously owned by a private wealth fund, is located on Madrid’s Golden Mile, in the exclusive neighbourhood of Salamanca. The operation has been advised by the real estate consultancy JLL, which declined to comment on the transaction.
The Vastned group is headquartered in The Netherlands, where it is listed on the Amsterdam stock exchange. It owns assets in several European cities including Amberes, Madrid, Paris, Frankfurt and Istanbul.
The firm specialises in retail assets, which are located in prime areas and, therefore, susceptible to being leased to domestic and international luxury brands.
In the Spanish capital, Vastned owns two stores on Calle Fuencarral, at numbers 23 and 25, leased to Pepe Jeans and Crocs, respectively; one store on Calle Carmen 3, occupied by Real Madrid; and one store on Calle Serrano 36, leased to Salvatore Ferragamo.
Original story: Expansión (by R. Arroyo)
Translation: Carmel Drake