Banco Santander has granted a €40 million loan to Iberia Project Development, owned by IBA Capital and CBRE GI. This loan is to develop the building at Gran Vía 18, WOW Marketplace’s new flagship store, founded by the former president of El Corte Inglés, Dimas Gimeno.
According to Expansión, this property is valued at €90 million and is being refurbished and repositioned as a commercial asset. The loan-to-value of the loan is 40%, taking into account the asset’s valuation.
Gran Vía 18 is located in one of the main commercial hubs of the Spanish capital. Built in 1913, from 1940 onwards, it was an office complex, eventually housing the Justice Department of the Madrid Regional Government.
The new store will open in autumn this year and will have 5,500 square metres of space. The initial idea of the company that owns the asset was to allocate 2,300 square metres to a shop, 3,000 to offices and 400 to a restaurant with a terrace.