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Azora acquires cinema in Madrid
08 July 2019 | Vanessa Sousa

Spanish asset management company Azora keeps betting on the Spanish retail segment with added value. It now closed the purchase of the cinema multiplex belonging to Méndez Álvaro in Madrid.

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The 16.000 sqm complex has 16 projection rooms and 229 parking spots. According to Spanish newspaper Expansión, the building – currently operated by Spanish film exhibition company Cinesa – can host a total of 2.756 filmgoers.

The operation – advised by Knight Frank – was carried out through the management company’s new investment vehicle, Azora Principals, which, with this and two other acquisitions, has already invested a total of 60 million euro in the Spanish capital.

One of these acquisitions was a commercial building located at number 5 Avenida del Llano Castellano (Madrid), with 23.000 sqm and 142 parking spots. The other acquisition was a building located at Calle Villanueva in the Spanish capital. According to the same newspaper, this last asset has 3.000 sqm.