(MADRID) – Hines, the international real estate firm, 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 2,700 square meters across the Preciados 13 building as well as the ground floor, basement and first floor of the adjacent building, Maestro Victoria 5. The two adjacent buildings are located on Calle Preciados, the premier pedestrian street in Madrid which is recognized as one of Europe’s leading shopping destinations. Both Preciados 13 and Maestro Victoria 5 are held by Bayerische Versorgungskammer (BVK).
Hines acquired the asset in 2017 on behalf of the BVK account which targets prime high street retail assets across Europe and today comprises eight assets and €1.0 billion of assets under management as of 31 December 2020. BVK is Germany’s largest pension scheme group with approximately €97.2 billion assets under management (market value).
A major refurbishment program joining both buildings with a total CapEx investment of more than €12 million has delivered a prime upgrade of the retail space, in addition to the development of a Spanish boutique hotel, Chic & Basic, with 51 bedrooms and an adjoining food and beverage offer on the ground floor.
This lease represents Hines’ third landmark retail deal in Spain over the last 18 months. In Barcelona, Nike has been secured as a new tenant at its Paseo de Gracia 17 development, also part of the European mandate with BVK, and Grupo Galceran will install the first GAP store in Spain alongside Levi’s taking-up residence at Carrer dels Arcs 10, part of the Hines Pan-European Core Fund portfolio.
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 look forward to welcoming them back to Madrid’s major high street and to the store opening in the coming months.”
Savills Aguirre Newman and Jones Day acted for Hines.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion¹ of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. ¹AUM includes both the global Hines organization as well as RIA AUM.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 55 cities in 13 countries, with €22.7 billion of assets under management, including €19.8 billion for which Hines serves as an investment manager and €2.9 billion for which Hines provides third-party property-level services, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Visit www.hines.com for more information.
About Bayerische Versorgungskammer:
Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes and Germany´s largest pension scheme group under public law. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions´ and communal pension schemes. Bayerische Versorgungskammer covers about 2.4 million insured persons in total, with contributions of € 5.2 billion and about € 3.8 billion pension payments annually. It currently has € 97.2 billion assets under management (market value) and more than 1,420 employees.