Gran Vía, 18, Madrid
Santander has granted a loan of 40 million euros to Iberia Project Development, a company controlled by CBRE GI and IBA Capital, for the building located at number 18 Gran Vía in Madrid, the building where it will install its first store Physics Wow, the retail project promoted by Dimas Gimeno, former president of El Corte Inglés.
According to Expansión, this operation takes into account an asset valuation of 90 million euros, which means a loan value of 40%. This is the second financing operation linked to Madrid retail in recent weeks, after the loan granted by CaixaBank to finance the Parque Corredor shopping center in Torrejón de Ardoz.
The Gran Vía 18 building has an area of 5,000 sqm spread over seven floors. Built in 1913, the property has been the headquarters of the Madrid Community Justice Department. It previously housed offices and, in its early years, the Hotel Roma.
With a planned investment of close to ten million euros until 2022, Wow aims to become a key point in Madrid retail, taking inspiration from the historic Parisian local Colette (disappeared in 2017).
EY and Watson Farley have advised on the operation.