LONDON, 17 February 2016 – CBRE Global Investment Partners (GIP), in joint Venture with IBA Capital Partners, has acquired two prime high street retail assets in Madrid; the ABC Serrano Shopping Centre on Serrano Street and a high street retail building located on Preciados Street. The seller was Zambal Spain Socimi.
The JV is repositioning ABC Serrano and undertaking extensive refurbishment works to the asset on Preciados street which will create prime, modern retail space in two of Madrid’s strongest retail locations.
The ABC Serrano Shopping Centre has a gross lettable area of c. 14,000 sq m and will offer a mix of retail, restaurant and leisure space on Madrid’s premier luxury retail thoroughfare. Preciados 9 has a total area of around 2,400 sq m and will become a retail flagship store in one of the busiest retail locations in the city.
IBA Capital Partners, the current asset manager of the two assets, will be retained by CBRE GlP as its local partner, allowing the ongoing repositioning and refurbishment works to continue without disruption.
Jeremy Plummer, CEO of CBRE Global Investment Partners said, “This transaction is a rare opportunity to access two prime city centre retail assets in Madrid and capture the market recovery through a repositioning of the two assets.“
Jesus Valderrama and Thierry Julienne, Managing Partners of IBA Capital Partners said, “This transaction allows IBA to launch a programmatic joint venture in the Spanish value added market segment with a major global real estate investment management firm.“
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About CBRE Global Investment Partners
CBRE Global Investment Partners is the independent division of CBRE Global Investors that delivers investment solutions customised for clients’ individual objectives by constructing portfolios using private funds, secondaries, co-investments and joint ventures, partnering with leading operators and fund managers for each strategy. Investments cover the risk spectrum from core to enhanced, can be global or regional in nature, and use a variety of investment vehicles based on clients’ preferences. GIP has $13.6B billion in assets under management* as of December 31, 2015. CBRE Global Investment Partners’ AUM includes investments in programs managed by the direct side of CBRE Global Investors. CBRE Global Investment Partners Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA).
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.0 billion in assets under management* as of December 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
Past performance is not a guarantee of future performance.
About IBA Capital
IBA Capital Partners SL is an independent real estate asset and fund manager based in Madrid with presence across the principal Spanish real estate market sectors. IBA currently has €700m of assets under management. www.iba-capitalpartners.com
About Zambal Spain Socimi
Zambal Spain Socimi SA is an investment vehicle quoted on the MAB (Alternative Equity Market). Zambal’s Modus Operandi is to invest primarily in Madrid and Barcelona with a focus on the office sector.