30 October 2017 – Eje Prime
The commercial real estate segment is continuing to revolutionise Madrid. The latest operation is being prepared by the family office owned by the Montejo family of jewellers, which has put two of its prime stores in Madrid up for sale. The company has put a package of two establishments on Calle Goya on the market for €20 million, according to sources at the group speaking to Eje Prime.
The operation, advised by the company specialising in real estate management and consultancy TBCA, comprises, on the one hand, the store at number 25 Calle Goya, which has an asking price of €11.5 million. The establishment, which is currently occupied by Joyería Montejo, has a retail surface area of 158 m2 and a façade of 9m.
On the other hand, the Montejo family has also put a second store in Madrid up for sale, also located on the prime thoroughfare. Located at number 43 Calle Goya, that establishment is currently leased to the Italian firm Kiko, specialising in cosmetics. The asking price for that retail asset is €7.6 million and it has a retail surface area of 164 m2, spread over two floors.
The Montejo family, which has awarded the exclusive mandate for the sale of this package of assets to TBCA, also has other investments in Madrid, in the industrial and residential segments, although for the time being, no other parts of its portfolio are up for sale, according to sources at the real estate company.
In recent months, family offices have become the most active players in Spain’s real estate sector. With the search for the creation of trans-generational value, these types of vehicles are diversifying with the acquisition of their assets, in terms of geography, products and clients, in search of robustness with sustainable investments.
In this way, retail assets have become the currency of exchange for this kind of company, which either divest these types of products or negotiate better rents to get more out of them. Such is the case of the Madrilenian Lurrueña family, which has just leased the premises at number 54 Calle Serrano to the Prada group, which is opening a Miu Miu store. The establishment has a surface area of 250m2 spread over two floors and was occupied until now by the historical Lurrueña shoe shop, also owned by the family. (…).
But, the activity is not limited to Madrid alone. The family offices are also active in Barcelona. Although the city has lots of high profile players, such as the Tous family, Caboel, owned by the founder of Caprabo, and the Andic family, owner of the Mango fashion retail group, the latest real estate group to star in an operation of this kind in the Catalan capital, has been the Carcassona family, which has leased its store in Portal de l’Àngel to Inditex.
As Eje Prime revealed, the historical haberdashery Mercería Santa Ana, owned by the Catalan Carcassona and Capdevila family, will close its doors, located at number 26 Portal de l’Àngel, after signing an agreement with the Galician giant to open a large format store for its underwear and sportswear brand Oysho (…).
Original story: Eje Prime (by Custodio Pareja)
Translation: Carmel Drake