Hines Exits Madrid Shopping Center Project Having Weathered Spanish Recession
- Jun 15, 2015
Madrid, Spain—As the European investment market finds itself in a better place than it ever was during the past eight years, one of the most troubled markets on the continent is experiencing investment interest. Zielo Shopping Pozuelo is located in the core of Madrid, and was recently the object of a $78 million transaction.
The LEED Gold shopping center, one of the first assets of its kind to gain this type of certification, was developed by the Hines European Value Added Fund. Development management, asset management and disposition services to HEVAF were all handled by Hines Spain, fitting the company’s business model across Europe. Exiting the recession was one of the company’s main goals with the project
HEVAF, an entity controlled by international real estate firm Hines, was also the seller in the transaction, which was arranged by CBRE. Management services and leasing duties were also handled by CBRE for the retail property, while legal advice was provided by Ashurst.
Zielo Shopping Pozuelo offers 169,489 square feet of space and features a tenant roster with a diverse mix of upscale retailers. Sanchez Romero, Massimo Dutti, Uterque, COS and H&M are some of the names currently available at the center. The shopping center currently has just three percent vacancy.
Zielo Shopping Pozuelo is located in an area of the Spanish capital that features one of the largest per capita incomes, and has steadily increased its presence in the community since it was completed, in 2009.