Uniqlo Signs Lease To Open Mega-Store In El Jardín de Serrano (Madrid)

22 September 2017 – Eje Prime

The Revilla brothers are making their investments profitable. The company Hermanos Revilla, which specialises in the acquisition of real estate assets in Madrid, has signed a pre-lease contract with the Japanese fashion chain Uniqlo to open a mega-store in El Jardín de Serrano, a shopping arcade in the heart of the Salamanca neighbourhood. According to sources close to the operation, the store will be opened by 2020 and will see the conversion of the arcade into a single store.

El Jardín de Serrano is located at number 6 on Calle Goya, in the heart of the Salamanca neighbourhood of Madrid. Uniqlo will occupy two floors of the property, specifically the first and basement floors, which together span approximately 1,300 m2. The property, which will be subject to a comprehensive renovation, has been on the market for a long time and had also received interest from groups such as Primark and H&M.

According to the same sources, the rental contracts of all the retail establishments that currently occupy the arcade expire in 2019. In this way, Uniqlo and Hermanos Revilla will have a period of one year to carry out the necessary construction work to transform the property into a large format store. Professionals in the sector consulted by Eje Prime say that Uniqlo will pay rent of approximately €2.5 million per year.

El Jardín de Serrano underwent a remodelling project in 2011. It has a total surface area of 3,700 m2, spread over four floors. If Uniqlo does end up moving into the property (it has included a cancellation clause in the pre-lease contract, to be invoked in the event that “a better opportunity arises”), then the two upper floors will continue to be used as offices. This will represent the fashion chain’s first store in Madrid.

Sources at Hermanos Revilla declined to comment about the deal, whilst some of the establishments that currently operate in the shopping arcade confirmed that they are aware that negotiations are underway for a fashion brand to open a large store in the building.

Hermanos Revilla is one of the main investment families in the real estate sector in Madrid. The company owns a portfolio of properties comprising office buildings and shopping centres, such as the case of El Jardín de Serrano.

Currently, Hermanos Revilla own a dozen office buildings located in the financial district of Madrid, including iconic assets on Paseo de la Castellana, where it owns number 41, the buildings at numbers 29 and 8 on Calle Goya (which together span a surface area of more than 10,000 m2 for offices and retail use) and number 35 on Calle Jorge Juan.

Hermanos Revilla also owns other properties in the Chamberí area, with a building at number 2 on c/José Abascal; in Chamartín, with an asset at number 132 on Principe de Vergara; the Musgo 1 and Musgo 3 buildings in the Moncloa area and four buildings on the outskirts of Madrid, in the M-30 and A-2 districts.

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

Colonial To Build 24,500 m2 Office Skyscraper In 22@

16 February 2017 – La Vanguardia

Colonial has started construction of the largest turnkey office building in the Catalan capital in recent years in the 22@ district of Barcelona. The office will have a surface area of 24,500 m2, distributed over 17 completely open-plan floors – there will not be any pillars – measuring around 1,800 m2 each. The real estate company will invest €77 million in the project and construction is expected to be completed by the middle of 2018.

At a press conference on Monday, Colonial’s Director of Business, Alberto Alcober, explained that this building will seek to offer the highest qualities in terms of spatial and environmental design – it will become the first office building in the city of Barcelona to receive the LEED Platinum certificate – whereby allowing it to differentiate itself from the existing supply of office buildings in the city.

The property is located on Calle Ciutat de Granada, 150, next to Plaza de Glòries; it will have a 100m long façade covered with ceramic tubes in green and natural tones, and the façade that overlooks the interior of the block will be covered with vegetation to help it blend in with a municipal park that is due to be built there.

The property, whose design is being led by the studio Batlle i Roig Arquitectura, will also have garden terraces. It is being marketed exclusively by Cushman & Wakefield, which has already secured a pre-lease contract with the Norwegian group Schibsted to occupy 10,200 m2 – 9,400 m2 of office space and 800 m2 of terrace – spread over six floors, to house between 700 and 800 employees.

Schibsted will hereby bring together the workforce that currently occupies three buildings in the Barcelona area – two in the capital and one in Sant Cugat de Vallès – and increasing its surface area by 30%. To this end, it has signed the largest pre-lease agreement in the city in the last 10 years for a building under construction. (…).

Besides Schibsted, which owns websites such as Infojobs, Vibbo, Fotocasa, Habitaclia, Milanuncios and Coches.net, the future office building is receiving lots of interest from other potential tenants, according to its promoters.

This project forms part of the investment plan announced by Colonial in 2016. The real estate group acquired it from the fund Benson Elliot for €45 million and will spend €32 million on the construction work.

Original story: La Vanguardia

Translation: Carmel Drake