CBRE Global Investment Partners (GIP), in joint Venture with IBA Capital Partners, has acquired two prime high street retail assets in Madrid – the ABC Serrano Shopping Centre on Serrano Street and a high street retail building located on Preciados Street. The seller was Zambal Spain Socimi.
The JV is repositioning ABC Serrano and undertaking extensive refurbishment works to the asset on Preciados street which will create prime, modern retail space in two of Madrid’s strongest retail locations.
The ABC Serrano Shopping Centre has a gross lettable area of c. 14,000 sq m and will offer a mix of retail, restaurant and leisure space on Madrid’s premier luxury retail thoroughfare. Preciados 9 has a total area of around 2,400 sq m and will become a retail flagship store in one of the busiest retail locations in the city.
IBA Capital Partners, the current asset manager of the two assets, will be retained by CBRE GlP as its local partner, allowing the ongoing repositioning and refurbishment works to continue without disruption.
Jeremy Plummer, CEO of CBRE Global Investment Partners, says: “This transaction is a rare opportunity to access two prime city centre retail assetsin Madrid and capture the market recovery through a repositioning of the two assets.“
Jesus Valderrama and Thierry Julienne, Managing Partners of IBA Capital Partners, says: “This transaction allows IBA to launch a programmatic joint venture in the Spanish value added market segment with a major global real estate investment management firm. “