Banca March, owner of the ABC Serrano shopping centre, located in the Salamanca district of Madrid, has signed a major rental contract for its establishment. Specifically, the owners of the complex have leased 4,000 square metres, of the total GLA of around 14,500 square metres, to the Madrid-based catering company Life Gourmet. That firm plans to create a restaurant, cafeteria, terrace and rooms for events, which will be operational by next summer, according to Idealista News.
The ABC Serrano shopping centre, which used to house the headquarters of the reputed newspaper, is located in an extraordinary enclave between Paseo de la Castellana and Calle Serrano. Banca March acquired the property in June 2017 from the fund manager CBRE. The valuation of the property at the time was set at around 80 million euros. Just three years earlier, in 2014, the property was renovated for around 15 million euros. The owner bank has implemented a novel model with its clients of joint investment in the asset, whereby they can become shareholders of the company that owns the property if they so wish.
Read the full article in Spanish.