Meyer Bergman clinches Madrid buy

Private equity group Meyer Bergman has inked the acquisition of the Serrano 60 building in Madrid from Spain's CaixaBank.

LaCaixa's Servihabitat Gestión Inmobiliaria property arm hired Cushman & Wakefield earlier this year to divest the mixed-use asset in the renowned Salamanca district of Madrid. Serrano 60 consists of a total built area of 8,105 m2 spread over six floors and four levels of underground parking.

Meyer Bergman plans to renovate the internal space for retail use on the lower levels. Site works are due for completion within a 12-month timeframe.

'Limited retail space availability in the area has led to conversions to accommodate major retailers,' Meyer Bergman said. Amancio Ortega, the founding chairman of the Inditex Fashion Group, recently acquired No.23 on the same street to convert into a flagship Zara store while Emporio Armani has also chosen No.44 to launch a new flagship store.

'We seized an exceptionally rare opportunity to acquire an entire building with vacant possession in Madrid’s Golden Mile, often dubbed the Fifth Avenue of Spain,' commented Blake Loveless, principal at Meyer Bergman. 'Our ability to move quickly to meet the seller’s target time frame was a key reason we were able to secure the asset.'

The acquisition was made for Meyer Bergman European Retail Partners II, a fund launched a year ago with nearly €200 mln of equity committed to date.

Retail PartnersEurope, Unifica and Uria Menendez advised Meyer Bergman in Madrid. Cushman & Wakefield and Pérez-Llorca advised Servihabitat Gestión Inmobiliaria.

Spain's property market has been through a rough time in the recent past but market experts say international investors are starting to look back at the market. Last week, AXA Real Estate Investment Managers clinched its first office acquisition in Spain since the onset of the financial crisis six years ago.

The French asset manager agreed to acquire a portfolio of up to 13 government-let office buildings in Barcelona, as part of a sale-and-leaseback transaction with local authority Generalitat de Catalunya for €172 mln.

In the capital city, IVG Immobilien is believed to have mandated Jones Lang LaSalle to sell a 6,300 m2 office building at General Lacy 23. The asset, housing the headquarters of agent Aguirre Newman, is being sold for around €20 mln.

In the Northern city of Oviedo, Sonae Sierra and CBRE Global Investors are rumoured to be quietly looking for a buyer for their joint Parque Principado mall. The 75,000 m2 retail complex with 134 stores is expected to trade for some €150 mln.