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Hispavima Buys The Puma Store On c/Fuencarral For €13M

Posted by: In: Real Estate 27 Sep 2017 Comments: 0 Tags: , , , , , , , , , , ,
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27 September 2017 – Eje Prime

Retail premises are continuing to attract the attention of both international and local investment funds. That is the case of the Murcian firm Hispavima, which has recently acquired the premises at number 33 on Calle Fuencarral, occupied by the sports fashion distribution group Puma, for approximately €13 million. Over the last few years, the company has expanded its portfolio of commercial assets in the capital, with the purchase of stores on coveted streets such as Preciados, Callao and Claudio Coello, amongst others.

The premises that Hispavima has acquired have a retail surface area of 196 m2. According to market sources, Puma pays a monthly rent of €40,000, and the return on the asset is 3.5%. The operation was closed in July, and was brokered by the real estate consultancy CBRE.

Hispavima is led by Jorge Tuchado, who is responsible for the expansion department at the group. Hispavima is the real estate division of Tefim Grupo Financiero, a holding company founded in 2001, which comprises several business lines (…).

The group currently owns 15 million m2 of land in total for tertiary, residential and logistics activity. “Of that, we have more than 1 million m2 of buildable land ready to develop”, says the director (…).

Although the company did not want to provide details about the value of its portfolio of retail premises, it did explain that it now owns more than a dozen assets. Its portfolio includes the Swatch store on c/Preciados; the Banco Santander branch on Callao, 1; and the Cos and Mango stores on c/Claudio Coello and c/Princesa, respectively.

“Over the last few years, we have not been able to purchase everything we have wanted to, given that the competition is much greater and the Spanish market is gaining a lot of interest”, says the director, indicating that the Socimis and international funds are direct competitors when it comes to buying a retail premise (…).

The hype of Fuencarral

The fact that the sports equipment distribution group Decathlon recently announced that it is going to open a macro-store measuring 2,400 m2 in the former Mercado de Fuencarral, on Calle Fuencarral, has served to put the Madrilenian retail thoroughfare on everyone’s radar in the real estate sector.

Fuencarral is one of the main shopping streets in Madrid. A large number of high-medium end fashion brands have stores on the street: from familiar brands such as El Ganso, Scalpers, Superdry, Pepe Jeans, Guess and Tommy Hilfiger to other, more high-end names such as Michael Kors, Maje, G-Star and Diesel.

On its busiest stretch, tenants pay an average rent of €151 per month per square metre. And although that figure has fluctuated somewhat over the last ten years, it is now at its peak, having grown by almost 32% since 2008. This makes Fuencarral a target location for many investment funds who see the retail premises as good assets for investment.

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

The post Hispavima Buys The Puma Store On c/Fuencarral For €13M appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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