Intu Moves into New HQ in Madrid on Paseo de la Castellana

19 April 2018 – El Economista

The British giant Intu, owner of several shopping centres in Spain, including Xanadú in Madrid and Puerto Venecia in Zaragoza, is continuing to grow in our country with a new headquarters in the capital. The company, which until now had its offices in the Chamberí neighbourhood, has moved to a small palace on Paseo de la Castellana.

With this operation, which has been advised by the real estate consultancy firm Savills Aguirre Newman, the firm is expanding its office space and positioning itself in a strategic enclave in the city. Specifically, Intu is going to move to number 64 Paseo de la Castellana, into the iconic Palacete Moreno Benítez, which spans 1,350 m2, spread over five floors.

The building, constructed in 1904 by the architect Joaquín Saldaña, was inhabited for many years by the aristocracy of the time and is one of the few small palaces that has managed to survive of the 70 that used to dominate this major Madrilenian thoroughfare.

Its current owner, which will become Intu’s landlord in Madrid by virtue of this contract, is the real estate company Caboel, in which the Carbó, Bonet and Elías families hold stakes, all former owners of the Caprabo distribution group.

Caboel acquired the property in 2015 by making the best offer – €13.5 million – in a public auction organised by the State Company for the Management of Real Estate Assets (Segipsa). Until then, the building had been owned by the General State Administration, which acquired it in 1982.

The company has carried out a project to refurbish the building to subsequently obtain returns by leasing it out.

Caboel owns 30,000 m2 of office space in Madrid, Barcelona, Lisbon and Porto, according to information provided on its website. The company’s portfolio comprises 150 assets, diversified across different sectors such as commercial, with retail premises and out-of-town shopping parks, as well as hotels and logistics assets.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

The State Auctions Off 2 Buildings In Madrid For €24.3M

23 October 2015 – Cinco Días

The State Company for Real Estate Management (‘Sociedad Estatal de Gestión Inmobiliaria de Patrimonio’ or Segipsa) has sold a small palace on the Paseo de la Castellana and RTVE’s former headquarters on Paseo de la Habana for €24.3 million in total, at auction. The public company put the two assets, plus a floor on Calle Serrano, on the market for €19 million back in September.

The Palacete de Moreno Benítez, located at number 64 on the Paseo de la Castellana, is one of the few still standing on the Madrid thoroughfare, and has been awarded to Caboel for €13.5 million. This figure represents an increase of almost 92% above the asking price of just over €7 million. Caboel was created as an investment vehicle for the Caprabo group.

The property, which is currently unoccupied, has a constructed surface area of 1,341 m2 over 5 floors, according to details provided by the Ministry of Finance and Public Administrations.

Similarly, the state company has awarded RTVE’s former headquarters on Paseo de la Habana, to Martell Investments, for €10.8 million, which represents a 60% increase on the starting price of €6.7 million. RTVE’s former headquarters, located on Paseo de la Habana, 75, has a constructed surface area of 2,258 m2…and is also currently unoccupied.

The properties sold belong to the program for generating value from the State’s real estate assets.

Original story: Cinco Días

Translation: Carmel Drake