Generali Real Estate S.p.A, the real estate asset manager of the Generali Group, announces the acquisition of a primary commercial property in Madrid, calle de Preciados 9, from CBRE Global Investment Partners in a joint venture with IBA Capital Partners.
The prominent corner building is located in the most famous pedestrianized High Street Retail in Spain, and it comprises a total of 2,121 sqm over basement, and five floors above ground. Dating back to the 1940’s, it is currently undergoing a major refurbishment, to be completed over the summer, that will transform it into the “flagship” store of a brand belonging to Inditex. Upon completion, the property will achieve a LEED certification for its high resource efficiency.
CBRE Global Investors acquired the asset in 2016 on behalf of its European Co-Investment Fund (ECF), a closed end fund which invests in value add real estate across Europe with a focus on building or repositioning assets in the retail and logistics sectors to create core product in supply-constrained markets.
The operation, which is expected to be finalized once the refurbishment is completed, and the asset re-let and fully operational, is in line with Generali Real Estate’s goal to invest in green trophy buildings located in prime destinations and leased to quality tenants.
Generali Real Estate was advised by Garrigues, Savills, Aguirre Newman and PWC.
CBRE GIP and IBA Capital Partners were advised by Uria y Menendez, Colliers and JLL.
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