Thor Equities has completed the acquisition of the a vacant retail and office property located on the prime pedestrian corridor and of Calle Fuencarral in Madrid for €27.5 mln, PropertyEU has learned.
Thor Equities announced in October 2015 that it had signed an agreement to acquire 16 Calle Fuencarral from a private family which had owned the property for decades. PropertyEU has established that the transaction has now been finalised.
16 Calle Fuencarral is the third asset in Madrid to be acquired by Thor Equities, a global urban real estate development, leasing and management firm headquartered in New York. The others are retail properties located at number 9 and 11 on the nearby Puerta del Sol, one of the busiest retail and restaurant areas in the Spanish capital.
The unique selling point for 16 Calle Fuencarral is that the 1,330 m2 retail and office property is currently vacant at a time when retailers are seeking access to the area. Announcing the acquisition agreement in October 2015, Jared Hart, managing director at Thor Equities, noted: 'Limited availability of prime units in the surrounding area, combined with the improving economy in Spain, have led to increased demand for retail space on Calle Fuencarral and rents rising over 30% in the past several years'.
PropertyEU understands that Thor Equities intends to renovate and reposition the property to attract a prime retail and office tenants. The four-level retail and office building features two separate entrances, and 12 m of frontage in the prime end of Calle Fuencarral. The property is also served by four underground transportation stations that are all less than 400 m from the property, including the main Gran Via station less than 200 m away.
Calle Fuencarral is a popular pedestrian corridor benefits from high footfall, including international tourists and local residents on the adjacent Gran Via, one of Madrid's trendiest locations. Originally known for its alternative and independent brands, the street has become an established retail destination filled with fashion-forward and high-end stores akin to Soho in London and New York. Calle Fuencarral primarily features small retail units on the ground floor, with residential, office or hotel uses above.
International retailers on Calle Fuencarral include Michael Kors, Tommy Hilfiger, L’Occitane, MAC, Diesel, Calvin Klein Jeans, Adidas and Swarovski. Gran Via is home to many national and international retailers including H&M, Zara, Cortefiel and Mango.
