Friday, 15 May 2015
Kennedy Wilson acquires Plaza Puerta Del Sol 9 in Madrid for €30 mln
Kennedy Wilson Europe Real Estate Plc has completed on the acquisition of Puerta del Sol 9, a high street property in the iconic Plaza Puerta del Sol in Madrid, for €30.0 mln by order of the Mercentile Court 3 of Barcelona.
Plaza Puerta del Sol is a landmark location in the heart of Madrid’s city center offering a wide range of restaurants, shops, cultural sights and attractions. Recently, the plaza benefitted from the opening of one of Apple’s largest flagship stores in Europe at Plaza Puerta del Sol 1.
The 24,700 ft² (2,313 m²) unit 9 is spread over six stories and requires significant refurbishment. A planning application is expected to be submitted by the end of 2015 to convert the planning use from residential to retail.
This is the second deal KWE has completed under the framework agreement with Renta Corporacion entered into at the end of 2014.
Mary Ricks, President and CEO of Kennedy Wilson Europe, commented: “The acquisition of Puerta del Sol adds Madrid’s renowned touristic destination, the equivalent of Piccadilly Circus in London, to our portfolio. It provides us with prime irreplaceable real estate with significant asset management potential. The supply-demand dynamics of the area have remained robust, even throughout the downturn, and occupational requirements continue to grow.
Source: FTI Consulting