Meyer Bergman has agreed to sell a former bank office located on Calle Serrano, on Madrid’s Golden Mile, to Spanish fashion retail giant Mango for an undisclosed amount.
Meyer Bergman has agreed to sell a former bank office located on Calle Serrano, on Madrid’s Golden Mile, to Spanish fashion retail giant Mango for an undisclosed amount.
Mango made an unsolicited approach to acquire the 8,100 m2 Calle Serrano 60 in the Salamanca district of the Spanish capital from Meyer Bergman European Retail Partners II (MBERP II), the London-based investment manager’s second value add fund.
MBERPII purchased the vacant building, a former CaixaBank office, only six months ago with the intention of repositioning it for retailers seeking to locate on the city’s most prestigious luxury retail destination, while leasing the upper floors to office occupiers.
Meyer Bergman Principal Blake Loveless said: 'To receive an approach from a major global brand like Mango, so soon after our investment, highlights just how much sentiment towards the Spanish retail market has shifted in the past year, enabling us to achieve our business objectives well ahead of schedule.'
He added: 'We like the fundamentals of the Spanish market and are actively pursuing additional investments on behalf of MBERP II.'
Meyer Bergman was advised by Cushman & Wakefield, Uría Menendez, PwC, and specialist rchitecture firm RCCyP.
