Mutualidad de la Abogacía invests in retail and buys from Patrizia AG the property located at number 4 Calle Preciados in Madrid, occupied by El Corte Inglés.
With views of the iconic Puerta del Sol clock, and completely renovated in 2007, the building has more than 50 meters of façade, which overlooks both Calle Preciados and Calle Tetuán, and has 2,560 sqm of commercial space, distributed over six floors (five of them over 400 m2 each) and a basement.
El Corte Inglés, current tenant of the property through its fashion brand Sfera, has a mandatory contract until February 2025, which can be extended, if both parties consider it appropriate, until February 2030.
With this operation, in which the seller has had the advice of Savills and Cushman & Wakefield, Mutualidad de la Abogacía adds a total of 45 properties in its portfolio, with a total area of more than 219,460 sqm and a market value above of the 848 million euros.
"The purchase of this new property reaffirms our commitment to high street retail. It is an emblematic building that perfectly meets all the criteria that we seek in an operation of these characteristics and that helps us to continue consolidating our portfolio, always for the mutual benefit", explained Carlos Pérez-Baz, director of real estate investments at Mutualidad de la Abogacía, regarding this operation.