Generali Real Estate, the real estate asset manager of the Generali Group, has acquired 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, which is located on the most famous pedestrianised retail street in Spain, comprises 2,121 sq m spread over a lower-ground floor, ground floor and four further storeys.
Dating back to the 1940s, 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. On 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 finalised 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.
Source: PropertyFundsWorld