Meyer Bergman, the investment manager specialized 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 were not disclosed.
Serrano 60 is a 8,100 m² 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 m² of space, permitting Mango to showcase its fashion ranges on a luxury street where large retail units of this size are rare.
Meyer Bergman Principal Blake Loveless said: “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.”
Source: Bellier Financial