Generali Real Estate, acting through GEIH (Generali Europe Income Holding) Fund, has completed the acquisition of a prime commercial mixed-use asset in central Madrid – Arenal Cuatro. Dating back to the second half of the nineteenth century, Arenal Cuatro is located in one of the city‘s busiest tourist and commercial streets, Calle del Arenal, in close proximity to Puerta del Sol. The property spreads over 8 floors for a total surface of 3,600m², with high street retail spaces at street level and first floor, and a boutique hotel on the upper ones. The purchase price was not disclosed.
Generali Real Estate, which was advised by DLA and Arup, acquired the asset from a private investor through a competitive tender process. CBRE acted as the seller’s exclusive commercial advisor. This deal marks the second investment recently closed by Generali Real Estate in the centre of Madrid. In Spain, the company currently manages a portfolio of assets mostly located in Madrid and Barcelona worth above €1bn.
