Redevco, owner of the historic Mercado de San Miguel since 2017, has secured approval from Madrid City Council to increase the building’s floor area by 10%. The additional 120 square metres—bringing the total to 1,321 sqm—will be mainly developed in the underground basement and will support a higher staff capacity rather than increasing public footfall.
The council last week granted initial approval to the Special Plan for the site at Plaza de San Miguel 11. The urban planning initiative was submitted by Aleda Investments, part of Redevco Iberian Ventures, a joint venture between Dutch retail specialist Redevco and alternative asset manager Ares Management. The acquisition of the market in July 2017 by this partnership was one of that year’s landmark real estate deals.
As reported by El Confidencial, the €60,000 paid per square metre set a new record in the Madrid property market, delivering significant returns for the project’s original investors.
The iconic market—adjacent to Plaza Mayor—was acquired in the early 2000s by a group of investors led by Monserrat Valle Hernández, who spearheaded its restoration. The building, which celebrated its 100th anniversary in 2012, reopened in 2009 following a major refurbishment and retains its early 20th-century iron structure, designed by architect Alfonso Dubé y Díez.
Among the market’s early investors were several prominent figures from finance and media, including Pedro Guerrero (former chairman of Bankinter), Salvador García Atance (former head of Morgan Stanley Spain), journalist Guillermo Fesser, and other notable business leaders. Today, Mercado de San Miguel remains one of Madrid’s few surviving cast-iron markets and a reference point in the city’s culinary and architectural heritage.
