Redevco purchases historical market in Madrid for €70M

Redevco purchases historical market in Madrid for €70M

According to El Confidencial, the buyer has paid €60,000 for every m2, an amount that breaks all records in the Spanish market. This operation was advised by Aguirre Newman. 

Spanish Real Estate refers that the Mercado de San Miguel is an iconic and centenary building, located at Plaza Mayor.

 Acquired by El Gastródomo de San Miguel, S. L., whom major shareholder is Montserrat Valle Hernández, underwent a deep renovation, preserving the original iron structure. 

To the Redevco’ CEO, Andrew Vaughan, it is possible to improve the operational efficiency of the market through new initiatives of assets management, and the introduction of technology to improve the customer experience, quoted the newspaper El Economista.

Bill Benjamin, partner of Ares Management, underlined that Mercado de San Miguel means a solid and resistant concept, in addition to a highly attractive destination in the center of Madrid, facing the changes of the retail sector.

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