Hines invests €12M in rehabilitation of Preciados 13

Hines invests €12M in rehabilitation of Preciados 13

Hines has completed the refurbishment of Preciados 13 and Maestro de Victoria 5, one of the firm's most significant projects in Madrid. The two adjacent buildings are located on Preciados Street, Madrid's main pedestrian thoroughfare, recognized as one of Europe's shopping destinations par excellence.

The company has invested more than 12 million euros in the refurbishment of the building, which has a retail space of 2.700 sqm, where Inditex has located a Bershka flagship store, and 2.000 sqm for a Chic & Basic hotel that will open in the fall.

Hines acquired the premises, consisting of two buildings at Calle Preciados 13 and Maestro de Victoria 5, in 2017 on behalf of German pension plan fund Bayerische Versorgungskammer (BVK), with 97.200 million of funds under management that focuses on prime retail assets across Europe.

The renovation of both buildings includes improvements to the structure, layout, all installations and finishes, as well as the facades.

International fashion brand Bershka, part of the Inditex Group, is returning to Preciados after leaving in 2017, and has leased space in the Preciados 13 building, as well as on the first floor, basement and second floor of the adjacent building, Maestro Victoria 5.

Chic & Basic has chosen this location to open its first hotel in Madrid. The hotel chain will occupy 2.000 sqm in the Maestro de Victoria building, with 51 rooms, distributed on floors 2, 3, 4, 5 and 6. This hotel offer will be complemented by the gastronomic offer of Naked & Sated, which will occupy 165 sqm of the building.

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