CBRE Global Investment Partners has acquired two prime retail assets in Madrid in a joint venture with IBA Capital Partners.
CBRE Global Investment Partners has acquired two prime retail assets in Madrid in a joint venture with IBA Capital Partners.
The ABC Serrano Shopping Centre is a 14,000 m2 mall on the Spanish capital’s main luxury retail thoroughfare, which is being repositioned by the JV. The other property is a 2,400 m2 building on Precaidos Street which will become a retail flagship store.
The vendor of both assets was Zambal Spain Socimi. Financial details were not disclosed.
IBA Capital Partners will remain the asset manager for both properties, allowing the ongoing refurbishment work to continue uninterrupted.
Jeremy Plummer, CEO of CBRE GIP, said: ‘This transaction is a rare opportunity to access two prime city centre retail assets in Madrid and capture the market recovery through a repositioning of the two assets.’
