Starz Real Estate has provided a €15M five year facility to Temprano Capital Partners for Quadernillos, a 39,000m2 retail & leisure park. It is located in Alcalá de Henares, a wealthy and very touristic town in the Madrid region.
Temprano bought it in Q3 2013 and have been able to re-vitalise the property with 3 large retailers (Pause&Play, 7Fun and Muerde la Pasta). It has enjoyed growing footfall and growing sales. Since acquisition, occupancy improved from below 50% to over 90%, and Quadernillos now represents one of the most attractive retail offers in the area however, it does include a Brico Dépôt which is an operator that has declared it will be pulling out of the Iberian market, «to focus the strategic plan in the main markets.”
According to Limor Shilo, head of loan origination at Starz, said: “Under the ownership of Temprano, Quadernillos has undergone tremendous transformation and is now a modern and highly successful retail and leisure park. We are delighted that Quadernillos is Starz’ debut deal in Spain – and we will continue to focus on this key market, which we believe has excellent current and future potential.”