VastNed Retail, the Dutch-based pan-European retail property investor, has acquired two prime high street shops in Madrid for EUR 10 mln. The transaction brings the value of the company's Spanish portfolio to over EUR 5 bn. The properties are located at 23 and 25 calle de Fuencarral, a street connected to Grand Via, one of Madrid's prime retail locations.
VastNed Retail, the Dutch-based pan-European retail property investor, has acquired two prime high street shops in Madrid for EUR 10 mln. The transaction brings the value of the company's Spanish portfolio to over EUR 5 bn. The properties are located at 23 and 25 calle de Fuencarral, a street connected to Grand Via, one of Madrid's prime retail locations.
Number 23, comprising a total of 256 m2, is let to Italian fashion retailer Replay. The other premises totals 120 m2 and is vacant. But VastNed Retail said it expects this shop can be let at short notice due to the 'prime quality of the street'. When fully let the two properties will generate an annual rental income of EUR 500,000. Taking tax effects into account the net initial yield amounts to 5%, the company said.
