Nuveen RE acquires retail unit at Centro Canalejas for €30M

Nuveen RE acquires retail unit at Centro Canalejas for €30M

The company which will occupy this space in the future will be bank Santander itself which had been the owner of the complex up until 2012, as revealed by market sources to newspaper El Confidencial, which further reported that this operation was advised by Colliers Internacional.

The Centro Canalejas is a 19th century iconic complex located at the heart of Madrid, which was recently refurbished. This complex, which features 7 buildings, should now hold a 3 floor commercial gallery with 15.000 sqm spread across 100 retail spaces, 22 luxury dwellings (occupying 7.000 sqm) and a 5 star hotel with 200 rooms (26.000 sqm), which should host the first Four Seasons in Spain. Besides these spaces, the complex also has 400 parking spots spread across 14.000 sqm.

Grupo Villar Mir and OHL acquired this complex from bank Santander 8 years ago for 215 million euro. Five years later the same companies agreed to sell 50% of the asset to society Mohari Limited for more than 225 million euro. Later, in 2018, group OHL acquired 32.5% of the Canalejas project from Grupo Villar Mir for 50 million euro.

This deal represented a total investment of 608 million euro, with 7 million euro invested in its refurbishment. After more than 5 years dedicated to its refurbishment, the complex should officially open in the coming weeks.

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