Invesco Real Estate (IRE) and Thor Equities have commenced leasing 11 Puerta del Sol in Madrid, having completing the joint acquisition of the high street corner retail asset, for circa EUR65 million.
The 1,144 sq m (circa 12,300 sq ft) property enjoys a prime location between Plaza Mayor and Gran Via, two of Madrid’s main retail and leisure destinations that attract both locals and international tourists.
Numerous retailers have set up flagship stores on Puerta del Sol over the last few years including Apple, Top Shop, Sephora and Women’s Secret. Also nearby will be the Canalejas Project which will include a shopping centre, luxury apartments, and the first Four Seasons Hotel in Spain.
IRE acquired 11 Puerta del Sol together with Thor Equities, with IRE acquiring the asset for one of its German-domiciled, pan-European separate accounts.
Andy Rofe, IRE’s Managing Director – Europe, says: “Spain is a key part of our client’s pan-European investment strategy. Puerta del Sol is an exciting opportunity for us as it represents a super prime asset, with flagship store qualities in a historic prime location, in Madrid. We were delighted our local, on-the-ground team was able to access this asset off-market and we look forward to collaborating with a partner that can work with us to actively manage and potentially create value add for this asset and ultimately for our client.”
Joseph Sitt, CEO of Thor Equities, says: "11 Puerta del Sol is a premier asset situated in one of Madrid’s most popular destinations for both residents and tourists. The location will greatly benefit from the addition of the Canalejas Project, as well as growing demand for flagship retail space in the area.”