Frankfurt-based real estate adviser Triuva has acquired the Adidas flagship store in Madrid from Iberfin Capital for an undisclosed sum.
The 6,730 m2 property, which possesses a classicist facade, is located on Calle Gran Vía in central Madrid’s main shopping district. Adidas took occupancy of the ground floor last year, while the upper floors are let to the NH Collection Hotel and are currently being refurbished.
'This property is situated on one of the best retail pitches in Europe. Its location and the outlook for prime retail destinations in Spain offers our investors significant potential for rental growth,' commented Manuel DeVigili, head of Investment Management at Triuva.
Iberfin Capital is owned by Spanish family office Medcap Real Estate, controlled by Dimas de Andrés Puyol. Currently, Medcap’s portfolio comprises 25 properties worth €420 mln, according to Savills and audit firm Grant Thornton.
'We have always grown in an organic way and have always reinvested 100% of the profits, which has allowed us to grow in terms of both investment volumes and number of assets exponentially,' concluded Dimas de Andrés.
Hogan Lovells and Arcadis advised Triuva on the acquisition.
