Generali Real Estate acquires a commercial property in Madrid
Generali Real Estate S.p.A, real estate asset manager of the Grupo Generali, announced the acquisition of ac commercial property in Madrid, situated in the calle de Preciados 9, from CBRE Global Investment Partners in a joint venture with IBA Capital Partners.
This property, on a corner, is situated on the most famous pedestrian-only shopping street in Spain, and comprises a total of 2,121 m2 over an attic and five storeys. Built in the 1940’s in the last century, the property is subject to an integrated renovation to be completed in summer and will transform it into the ‘flagship’ for an Inditex store. When work is complete, the property will receive LEED certification for energy efficiency.
CBRE Global Investors acquired this property in 2016 in the name of its European coinvestors fund (FEC), a fund of closed capital which invests in added value properties throughout Europe based on constructing or repositioning assets in the property and logistics sector to create key products in markets with limited supply.
Ths transaction, which looks set to be finalised once the renovations are completed, with the asset released and totally operative, is totally in line with Generali Real Estate’s objective of investing in ‘key; properties which sit well in their environment, located in first rate places with quality tenants.
Generali Real Estate worked with the consultants Garrigues, Savills, Aguirre Newman and PwC. CBRE GIP and IBA Capital Partners were assisted by Uría Menéndez, Colliers and JLL.
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