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Prime retail investment real estate acquisitions in Madrid and Barcelona, Spain
Spanish retailer, Mango, has completed its second prime retail acquisition in a month. The firm acquired Calle Preciados 8, Madrid from Ballester Inmobiliaria for a price in the region of €20m. The purchase follows Mango’s €50m acquisition of Paseo de Gracia 36 from Banco Sabadell towards the end of June this year. Both buildings include non retail use upper floors.
Sources indicate that the upper residential floors of the Preciados building could be changed to retail use subject to negotiating the exit of the residential tenants.
Mango, whose major shareholder is Isak Andic, intend to open a store on the ground and basement levels of the Paseo de Gracia building. However, for the retail unit in the Calle Preciados property they will have to wait until expiry of the Foot Locker lease contract, or negotiate the exit of the tenant.
Contact i-comparables.com for more information on the above transactions and other information on the Spanish commercial real estate investment market. | i-comparables.com
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