41 Princesa Street, Madrid
Acquisition of a commercial premises in one of the main commercial streets of Madrid, Princesa 41, next to the Zara and El Corte Inglés stores. Total surface of 3,384sqm distributed over two floors, 1,640sqm (ground floor) and 1,674 sqm (first floor) both with access from street level.
The lease agreement with El Corte Inglés expired in September 2019 and refurbishment works were carried out to divide the space and create two commercial units.
In May 2019, BBVA’s lease agreement was signed for an area of 936m2 on the first floor, with access from street level.
Transaction: structuring of a short-term sale leaseback agreement with El Corte Inglés (12 months); Identification of potential first level tenants, structuring and negotiation of new leases with first level operators, optimizing the initial rental income.