HIH Invest has completed the sale of the Canalejas building, located at number 6 Calle Alcalá in Madrid, to a buyer financed by Spanish private equity, according to CBRE, the seller’s advisor on the transaction.
The property comprises 1,013 sqm of lettable area and is leased to Banco Santander under a long-term lease. The consultancy firm also carried out the technical and environmental vendor due diligence on the asset.
The property is situated just a few metres from Puerta del Sol, at the start of Calle Alcalá, within one of the busiest pedestrian areas in central Madrid. The building is also located next to Centro Canalejas Madrid, an area that combines hotel, residential and commercial uses.
CBRE frames the transaction within the context of activity in the property investment market, particularly in the segment of retail premises in prime high-street locations. In this regard, Paul Santos, Head of Retail for Iberia at CBRE, notes that assets with established tenants, long-term leases and central locations continue to attract private capital in a market characterised by a shortage of core assets and intense investor competition.
