Inbest SOCIMI joins forces with Inditex for the revitalization of Plaza de España

Inbest SOCIMI joins forces with Inditex for the revitalization of Plaza de España

Inbest SOCIMI, an investment vehicle managed by Inbest Real Estate, specialized in Retail High Street real estate assets and value added operations, has signed two lease contracts with Inditex for the commercial area of ​​Edificio España, located at number 84 on Madrid's Gran Vía .

The alliance between Inbest SOCIMI and Inditex, which has been advised by Aretail, contemplates the creation of the first two post-covid flagships. On the one hand, Zara will open a store of almost 8,000 sqm in which it will offer its collections for Women, Men, Children and its new Zara Beauty cosmetics section, as well as the Zara Home collection. Likewise, Stradivarius will inaugurate a store that will have an area of ​​more than 1,200 sqm.

The España Building will house premises designed to respond to the most advanced concept of Inditex's store: they will have a larger commercial surface and a greater depth of their collections, incorporating cutting-edge technology to improve the customer experience and prioritizing sustainability in eco-efficient flagships whose BREEAM certification Inbest SOCIMI is processing.

This agreement reinforces the commitment of Inbest SOCIMI and Inditex for the revitalization of Plaza de España, whose renovation project is one of the most emblematic that is being developed in the capital. It is a comprehensive urban development that seeks to prioritize pedestrian traffic (reducing motorized road traffic and increasing public space) and increasing green areas. In this sense, the project incorporates actions aimed at making the area more accessible, allowing a greater and better connection of all neighboring areas (Plaza de Oriente, Jardines de Sabatini, Parque del Oeste, Templo de Debod, Madrid Río, Bailén, etc.). Thus, the project enhances the commercial extension of Madrid's Gran Vía and its connection with Princesa and Malasaña, and adds to the strong impulse of the tourist and leisure offer in the area, after the opening in August 2019 of the Hotel Riu Plaza de Spain, located on the upper floors of the same building.

This renovation project has been supported by Inbest SOCIMI, which last November signed a public-private collaboration agreement for the remodeling of the surroundings of the España Building.

This revitalized and sustainable enclave will frame the new Inditex post-covid flagships, whose expected opening date will coincide with the completion of the works on Plaza de España and its surroundings.

Inbest SOCIMI, which formalized in public deed the acquisition of the entire commercial area of ​​Edificio España in January 2020, is currently in the process of analyzing other proposals from top-tier operators for the lease of the remaining available area.

In the words of Javier Basagoiti, president of Inbest SOCIMI, «this agreement with Inditex represents a further step in Inbest's firm commitment to promoting sustainable urban and commercial development in the city of Madrid. Undoubtedly, the emblematic character of the Edificio España, together with the attractive offer that Inbest promotes in its commercial area and the long-awaited renovation of the Plaza de España, will make its surroundings one of the most attractive commercial and leisure centers in the city town.»

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