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CBRE GI sells Serrano shopping center to Banca March

The financial institution Banca March has acquired the ABC Serrano shopping center in Madrid from the joint venture CBRE Global Investors / IBA Capital Partners.

According to Spanish Real Estate, the value of the property, after the transformation and reform performed since the vendors acquired it, is around € 80 million.

This shopping center in Madrid has 15,000 m2 of commercial area, 225 parking lots, double access from Paseo de la Castellana and Serrano street, and is totally reformed.

It had several owners in the last years. IBA Capital Partners acquired the historical building in Madrid, by the end of 2013, to the real estate Reyal Urbis for 100M, including an office complex at Avenida San Luis. It then transferred these assets to Zambal Socimi. In February last year, CBRE Global Investors took the property of the asset, next to a commercial building at Preciados street.

This operation is part of the co-investment strategy of Banca March, through which clients may be involved in the investment products and be shareholders of the company owning the real estate.