Hines has fully leased the retail space at its prime Calle Preciados 13 development in the heart of Madrid. Leading international fashion brand Bershka, part of the Inditex Group and one of the world’s largest fashion retailers, has agreed to lease 2,700m² across the Preciados 13 building as well as the ground floor, basement and first floor of the adjacent building, Maestro Victoria 5. Both Preciados 13 and Maestro Victoria 5 are owned by Bayerische Versorgungskammer (BVK). The two adjacent buildings are located on Calle Preciados, the premier pedestrian street in Madrid which is recognised as one of Europe’s leading shopping destinations. Hines acquired the asset in 2017 on behalf of the BVK account which targets prime high street retail assets across Europe and today comprises 8 assets and €1.1bn of assets under management. BVK is Germany’s largest pension scheme group with approximately €81.7bn assets under management.
Vanessa Gelado, Managing Director and Country Head for Spain, at Hines, said: “We are really pleased to have secured another leading international brand at one of our flagship retail assets. Aimed at a young target market with a reputation for sustainable fashion and its concept of experience-driven stores, Bershka is the perfect brand for Calle Preciados 13. We are already looking forward to welcoming them back to Madrid’s major high street and to the store opening in the coming months.”