Hines secures €50m for Madrid refurbishment project (GB)

Hines secures €50m for Madrid refurbishment project (GB)

Hines, acting on behalf of Bayerische Versorgungskammer (BVK), has signed a €50m green loan with CaixaBank, Spain’s leading financial group, as part of a new financing package for its flagship Preciados 13 project in Madrid.


The recently renovated complex is located at calle Preciados 13, Madrid’s main pedestrian street, recognised as one of the main shopping destinations in Europe, and lies on the corner of calle Maestro de Victoria. Circa €12m has been invested in refurbishing the building, which boasts retail space spanning 2,700m², leased to the international fashion brand Bershka, part of the Inditex Group and one of the largest fashion retailers in the world, and 2,000m² for a boutique Chic & Basic hotel which opened in the autumn of 2021, comprising 51 rooms and an adjoining gastronomic offer on the first floor by the Naked & Sated health food restaurant.


Under this agreement, Hines has taken another step forward in its ESG strategy by arranging a €50m, 6-year green loan with CaixaBank for Preciados 13 to continue to promote energy efficiency and drive down carbon emissions. Preciados 13 has recently obtained its BREEAM certificate in recognition of its commitment to sustainability, while the retail and hotel space have achieved the highest Class A certification for energy consumption.


Vanessa Gelado, senior managing director and country head of Hines in Spain, said: “We’re very pleased with the refinancing of this historic property in Madrid, in which we have invested all our efforts to create a unique space that will enable us to have a benchmark asset in one of the capital’s prime areas, which has undergone a very significant transformation in recent years. Thanks to the quality of the refurbishment we’ve managed to agree a green deal with CaixaBank in line with our ongoing ESG strategy.”

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