Cornerstone Real Estate Advisers has acquired a prime retail unit in Madrid city centre from a private investor for €21.6 mln, as part of a pan-European core investment strategy.
The acquisition is Cornerstone’s first in Spain, following the opening of its Madrid office and the appointment of Adolfo Favieres as head of Spain in November last year.
The property is located on Calle de Velázquez, which is one of Madrid’s top retail streets in the Salamanca district, and comprises 1,638 m2 of retail space across three floors. It is fully let to Banco Popular, Spain’s fourth largest bank, on a 50 year lease with five yearly break options.
Commenting, Jorge Duarte, senior director at Cornerstone, said: 'Calle de Velázquez provides us with long- term income from a strong tenant covenant that has been in this location for decades. It is therefore exactly the type of asset we are looking to acquire for our pan-European core investment strategy and is the perfect entry point for Cornerstone in Spain.'
'We continue to look for similarly well-located assets in Spain’s main cities for both our core and value-add investment strategies,' added Adolfo Favieres, head of Spain at Cornerstone.
Hogan Lovells and Deloitte acted for the Cornerstone while Cushman & Wakefield acted for the vendor.
