Generali Real Estate, the property arm of the Italian insurance giant, has acquired a prime commercial asset in the centre of Madrid, Spain.
Financial details were not disclosed.
Purchased through the Generali Europe Income Holding (GEIH) fund, the asset, dubbed Arenal Cuatro, is located in Calle del Arenal.
The property comprises eight floors with a total surface of 3,600 m2, with high street retail spaces at street level and first floor, and a boutique hotel on the upper ones.
The deal marks the second investment recently closed by Generali Real Estate in the centre of Madrid, following the acquisition of a prime commercial property located in Calle de Preciados 9, fully refurbished and let to a Spanish fashion brand.
In Spain, the company currently manages a portfolio of assets mostly located in Madrid and Barcelona worth above €1 bn.
Generali Real Estate, which was advised by DLA and Arup, acquired the asset from a private investor through a competitive tender process. CBRE acted as the seller’s exclusive commercial advisor.
