Generali Acquires c/Preciados, 9 For c. €100M

14 March 2017 – Real Estate Press

CBRE GI and IBA Capital have sold the building located on Calle Preciados, number 9, in Madrid for around €100 million. The property, which is currently being renovated, is leased to the Inditex brand Pull & Bear. The real estate consultancy firms JLL and Colliers have advised the sale operation.

Inditex will open a flagship Pull & Bear store in the property, which it leased on the advice of the real estate consultancy Inmored, itself part of The International Retail Network. The store will have a surface area of 2,400 m2, on one of the busiest high streets in Madrid, and is located just a stone’s throw away from La Puerta del Sol.

The former owners, IBA Capital and CBRE GI, entrusted the sales mandate to JLL and Colliers.

The property was acquired from El Corte Inglés by IBA Capital, which subsequently allowed CBRE GI to enter the deal in an operation that included the ABC Serrano shopping centre.

Generali Real Estate, the new owner, is one of the largest global mangers, with a presence across the main markets in Europe. Generali has made its first foray into the retail segment in Spain in a prime location and with one of the world’s leading retailers as its tenant.

Original story: Real Estate Press

Translation: Carmel Drake

ECI Sells Shopping Centre To Monthisa RE For €150M

10 October 2016 – Real Estate Press

El Corte Inglés has sold a shopping centre located on Paseo de la Castellana, 83-85 in Madrid to Monthisa Real Estate for €150 million and a return of just under 4%. Monthisa Real Estate has been advised by the international real estate consulancy Inmored.

The operation has been structured as a sale & leaseback, whereby El Corte Inglés will remain as the tenant for at least ten years. Currently, El Corte Inglés occupies this centre, which also houses a Bricor store, a branch of ECI’s travel agency and a veterinary hospital, open 24-hours a day.

The acquired space has a surface area of 17,500 sqm, which is divided into three above ground floors and three basement floors. The shopping centre is located on the ground, first, second and first basement floors. The second basement floor houses the car park and the technical services are located on the third basement floor. Both Monthisa Real Estate and Inmored declined to comment on the operation.

The Azca area is undergoing a transformation at the moment and investors are focusing on it. El Corte Inglés plans to build a shopping arcade for luxury brands on the plot of land it acquired from Adif two years ago, located between Paseo de la Castellana and its Nuevos Ministerios shopping centre. Meanwhile, Zara is going to open a new flagship store at number 76 Paseo de la Castellana on the premises that used to be occupied by Habitat and Fnac. And, the ground floor of the former headquarters of BBVA, owned by GMP, is currently being refurbished to house two other commercial premises.

The real estate consultancy Inmored, which was launched in 1995 and which is a member of The International Retail Network with offices in Europe and the USA, recently advised Inditex on the rental of an entire building on Calle Preciados, 9 in Madrid.

Original story: Real Estate Press

Translation: Carmel Drake