Thor Equities has closed on the acquisition of 5 Puerta del Sol in Madrid for €43 mln, PropertyEU has learned.
Adjacent to the famed Casa de Correos (House of the Post Office) on one of the best known and busiest areas of Madrid for tourists and locals, the Spanish period building features two vacant retail units totalling more than 990 m2.
'We continue to believe strongly in the Madrid market – and the highly trafficked area of Puerta del Sol in particular – due to ongoing growth in the Spanish economy and a rise in consumer confidence, as well as a steady increase in the number of foreign visitors to the city, all of which are leading to rising retail sales,' said Jared Hart, managing director of Thor Equities.
Expanding European portfolio
The acquisition of 5 Puerta del Sol continues Thor Equities’ recent expansion in Europe where it now has assets in Milan, Paris, Cannes as well as Madrid. In the Spanish capital, it already owns an asset elsewhere on Puerta del Sol as well as 16 Calle Fuencarral in Madrid.
Numerous retailers have set up flagship stores on Puerta del Sol over the last few years including Apple, Top Shop, Sephora and Women’s Secret. The Spanish headquarters of Apple is also located on the corner of the plaza. Other leading international and local retailers in the surrounding area include Zara, H&M, Mango and Bershka.
In addition, the nearby Centro Canalejas project – which will include a shopping centre, luxury apartments, and the first Four Seasons Hotel in Spain – is forecast to significantly increase the foot traffic and quality of central Madrid.
Prime London assets
Thor also owns a number of properties in London including 1 Dover St, 145 Oxford St, 105-109 Oxford St, and Bond Street House at 14 Clifford St as well as Burlington Arcade which it owns together with Meyer Bergman.
Earlier this year it emerged that Thor Equities and Meyer Bergman have instructed CBRE to market Burlington Arcade, one of the most iconic luxury retail destination in London.
Industry sources suggest that a £400 mln (€450 mln) price tag is attached to the historic covered walkway, which unites Piccadilly and Bond Street and opened in 1819.
New York-based Thor Equities is a leader in the development, leasing and management of commercial, residential, retail, hotel and mixed-use assets in premier urban locations worldwide.
