Kennedy Wilson Europe Real Estate has bought a high-street retail asset in Madrid for €30m.
The investor said it has bought Puerta del Sol 9 in Plaza Puerta del Sol in the Spanish capital. The firm will invest €10m in redevelopment.
The asset was sold by order of the Mercentile Court 3 of Barcelona.
Plaza Puerta del Sol includes restaurants, retail and attractions and Apple’s flagship stores.
The 24,700 sqft building will be converted from residential to retail use.
Mary Ricks, president and CEO of Kennedy Wilson Europe, said: “The acquisition of Puerta del Sol adds Madrid’s renowned touristic destination, the equivalent of Piccadilly Circus in London, to our portfolio.
”It provides us with prime irreplaceable real estate with significant asset management potential.”
The supply-demand dynamics of the area have remained robust, Ricks said, with occupational requirements expected to grow.
Source: IPE Real Estate