Thor Equities Finds a Tenant for its Jewel on Gran Vía

20 February 2019 – Eje Prime

Thor Equities has found a replacement for Sfera in the heart of Madrid. The US fund, which last year acquired number 30 Gran Vía for €75 million, has leased one of the commercial premises in the property to the sports fashion retailer Décimas.

The company has taken over the space measuring 600 m2 from Sfera, the fashion chain owned by El Corte Inglés. That retail company had occupied the premises since 2005 but decided to vacate it last year because it was too small for its new commercial format (…).

For Décimas, this new store represents a new step onto a prime thoroughfare. The chain concentrates the bulk of its store network in shopping centres, although it also has a flagship store on Calle Fuencarral (…).

Original story: Eje Prime (by Silvia Riera)

Translation: Carmel Drake

Itaroa Shopping Centre (Navarra) Goes Up For Sale

15 March 2018 – Expansión

The shopping centre sector is still red hot. After the intense investment activity of last year, which has continued during the first few months of 2018, new assets are still coming onto the market. The latest is Itaroa, a shopping centre located in Huarte (Navarra), which has hung up the for sale sign, according to market sources speaking to Expansión.

The asset, managed by the local property developer Javier Gómez, has a surface area of 42,000 m2 and contains a Hipercor, owned by El Corte Inglés, which would not form part of the sales process. To search for potential buyers, the owner has engaged the consultancy firm Colliers International Spain, formerly Irea.

The vendor is asking around €90 million for the asset. The Itaroa shopping centre is mortgaged to the German financial institution Aareal Bank by way of guarantee for a €71 million loan. The mortgage was constituted in 2003 and has been renewed on several occasions, according to the latest information available from the Mercantile Registry.

Last year, Itaroa launched a renovation of its leisure and restaurant area to expand and improve the offer at the centre with the incorporation of new brands. It spent €4 million on that expansion.

Itaroa’s tenants in the fashion and accessories sectors include brands such as Zara, Sfera, Merkal, Bershka and Décimas. The shopping centre is also home to a Yelmo cinema.

This move comes in addition to the sale of a portfolio by Sonae Sierra and CBRE GI comprising three assets and the sale of the Ballonti centre (Vizcaya). Last year, the investment market for shopping centres reached a volume of around €2.7 billion, thanks to record operations such as the purchase of Xanadú, in Arroyomolinos (Madrid), for €530 million. The investor appetite is expected to continue this year, which has led some owners taking advantage of the situation to divest.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel

Vastned Buys Its Sixth Retail Store In Madrid For c. €10M

21 December 2016 – Expansión

The Dutch group Vastned is continuing to expand its real estate portfolio in Spain. The company has just acquired its sixth retail outlet in Madrid for around €10 million. The property, which has a surface area of 600 m2, is located at number 37 on Calle Fuencarral and is leased to the sports clothing and equipment brand Décimas.

Following this operation, Vastned now owns three stores on Calle Fuencarral; it already owned number 23 and 25 on the Madrilenian street. “Fuencarral is one of the most sought-after retail areas for operators, investors and domestic brands looking to expand their businesses due to its high footfall. As a result, store rents and prices per m2 in the area are on the rise”, explained Enric Vial, CEO at Retail Prime Locations, which advised Vastned in the operation.

Vastned owns another store on Calle del Carmen, next to Calle Preciados (the most expensive retail street in Madrid), as well as on Calle Serrano 36, which is leased to the luxury firm Ferragamo. In November, it purchased another store, located on Calle Ortega y Gasset, for €16 million, which is leased to the luxury shoe designer Jimmy Choo.

Original story: Expansión (by R. Ruiz)

Translation: Carmel Drake