Swiss fund manager UBS has put the exclusive Zielo Pozuelo shopping mall in Madrid on the market.
Located in Pozuelo de Alarcón, a municipality with the highest per capita income in Spain, Zielo Pozuelo was built by Hines in 2009 and sold to UBS for around €70 mln in 2015.
According to market estimates, the premium asset could fetch around €60 mln, as this type of retail property has dropped in value, especially since the COVID-19 pandemic and the increase of e-commerce.
The shopping mall, designed by the architect Alberto Martín Caballero, offers 15,540 m2 of gross leasable area over three floors. It has 60 stores and over 1,000 parking spaces, most of them indoor.
Zielo Pozuelo has become a reference point for Spanish shopping centers due to its unique retail mix and its top-level tenants such as supermarket banner Sánchez Romero, Massimo Dutti, H&M, Mango, Etam, Levi's, and Zara Home, as well as the restaurant Cielo de Urrechu.
The project has a total catchment area of more than 1.5 million people living within a 30-minute drive, approximately 200,000 of whom live within a 10-minute walk, and another 40,000 people who work in nearby offices.
Zielo Pozuelo was the first LEED pre-certified shopping center in Europe.
