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Hines purchases commercial properties in Madrid

Aguirre Newman were consultants for Hines in the purchase of adjoining properties at Preciados 13 and Maestro Victoria 5, in Madrid, from the Grupo Baraka.

The new project plans for the development of a new flagship store of 5.000 m2, which, until completion, predicted for 2018, will be managed and publicised by the actual Grupo Baraka.

It is the second transaction where Aguirre Newman have worked with Hines and the Grupo Baraka and can be considered to be the most ambitious and representative development of the calle Preciados where there will be a large shop with an area of more than 5.000 m2 on several levels.

In fact, according to Aguirre Newman, this deal will be one of the representative ‘high street’ transactions of the year in terms of size and representation, indeed, given that investor appetite is high at present to invest in retail locations, there are few opportunities to acquire such an asset.

Preciados continues to be one of the most expensive streets in the country, although still far from the prices being asked in the prime zones of London, Paris and Milan.

For Aguirre Newman, the imminent developments of Canalejas and el Edificio España are becoming a reality, and are changing the face of the central zone of Madrid. Good tourist numbers, as well as future commercial and hotel projects to be developed in the area, are attracting international brands and investment funds, seduced by the expectation of a great transformation in the central zone of Madrid, which began with the commercial development of the Gran Vía, and now moving to the Canalejas–Sol–Plaza España axis.