Meyer Bergman, the investment manager specialising in European retail properties, has agreed to sell a former bank office located on Calle Serrano, on Madrid’s “Golden Mile”, to the Spanish fashion retail giant Mango.
The financial terms of the transaction have not been disclosed.
Mango made an unsolicited approach to acquire Calle Serrano 60 in the Salamanca district of the Spanish capital from Meyer Bergman European Retail Partners II (MBERP II), the London-based investment manager’s second value-add fund.
MBERPII purchased the vacant building, a former CaixaBank office, with the intention of repositioning it for retailers seeking to locate on the city’s most prestigious luxury retail destination, while leasing the upper floors to office occupiers.
Meyer Bergman principal Blake Loveless says: “Mango’s desire to own and occupy Serrano 60 is an endorsement of the opportunity that we spotted given the property’s fantastic location. To receive an approach from a major global brand like Mango, so soon after our investment, highlights just how much sentiment towards the Spanish retail market has shifted in the past year, enabling us to achieve our business objectives well ahead of schedule. We like the fundamentals of the Spanish market and are actively pursuing additional investments on behalf of MBERP II.”
Serrano 60 is an 8,100 square metre building spread over six floors. The property is located between two El Corte Ingles department stores and among many luxury fashion brands. The building’s retail floors offer 2,500 square metres of space.
Among its other investments, the fund owns the Whiteleys Shopping Centre in London’s Bayswater District and the Karstadt department store in Berlin’s Hermannplatz. MBREPII’s first investment was in the Westfield Broadway shopping centre development in Bradford, northern England, construction of which commenced this year.