Starz Real Estate has provided Temprano Capital Partners with a €15m five-year senior facility for the Quadernillos shopping centre in Alcala de Henares, Spain. Located outside of Madrid, the 30,000m² shopping centre enjoys close proximity to Alcalá university campus and benefits from direct access to the A-2 Madrid-Zaragoza-Barcelona motorway. Since acquiring Quadernillos in Q3 2013, Temprano carried out an extensive refurbishment programme, re-geared leases, introduced new tenants, re-negotiated service charges and rebranded the centre among other initiatives. Under the firm’s stewardship, occupancy improved from below 50% to over 90%, and Quadernillos now represents one of the most attractive retail offers in the area.
Temprano currently has three business lines: Retail, Temprano Student Living (TSL) and High-end Residential in Spain and Portugal. It looks to generate value by creating, increasing or otherwise improving income streams from assets through development and repositioning.
Limor Shilo, Head of Loan Origination at Starz, said: “Under the ownership of Temprano, Quadernillos has undergone tremendous transformation and is now a modern and highly successful retail and leisure park. We are delighted that Quadernillos is Starz’ debut deal in Spain – and we will continue to focus on this key market, which we believe has excellent current and future potential.”
Mariela Martinez, Finance Director at Temprano, commented: “The results achieved after the repositioning of Quadernillos retail and leisure park are a source of pride for all the Temprano team. Quadernillos is now a centre of reference in the north-east of Madrid.”
