Serrano 5, Madrid | Photo: Google Maps
The retail space is located at the centre of Madrid, a few feet away from Parque del Retiro and has guaranteed returns until at least May 2023, when the leasing contract signed with fashion company Adolfo Domínguez expires. The 2.560 sqm building has 3 floors and an attic.
The transaction was concluded this Monday and was advised by consultant CBRE, advanced the insurance company in a release.
This is not the only asset the company owns located at Calle Serrano in Madrid. In the document, Mutualidad de la Abogacía recalls that amongst the «many buildings located in this central street», one other is its latest acquisition – the retail space located at number 7 which was acquired from AEW last December. Another asset located in the same street is the company’s headquarters, located at number 9.
This was Mutualidad de la Abogacía’s 46th asset, and its portfolio has a total area of 277.775 sqm and it is estimated at 831 million euro. The cost of the assets is more than 774 million euro, with a net book value of 674 million euro, which represents a latent capital gain of more than 156 million euro.