Angelo Gordon sells €75M Madrid building to Thor

Advised by Savills, Thor Equities has finalised a €75 million acquisition of a mixed-use building on Madrid’s Gran Via, sold by New York based Angelo Gordon.

The 4,480m² building is located in central Madrid’s main high street and includes a 1,172m² retail unit predominantly let to Spanish fashion chain Sfera alongside nine floors of residential accommodation and a mixed-use space on the thirteenth floor.

Gran Vía 30 originally housed the Fontalba Theatre, designed by arquitects José López Sallaberry and Teodoro de Anasagasti in 1920 for the Marquis of Fontalba. The original central building was demolished in 1954 to construct the headquarters of the Banco Coca which in 1977 would be absorbed by Banesto (now a Santander Group company).

This deal illustrates Thor’s strategy of acquiring high quality properties in key high srteet locations. In Spain the fund has bought nº 5 & nº 11 Puerta del Sol.

Madrid’s Gran Via continues to attract international capital and various of the surrounding buildings have traded in recent years including Pontegadea’s acquisition of Gran Via nº 32 for c. €400 million or GLL’s €54 million acquisition of Gran Vía nº 48.

Primark, H&M and Zara are all located nearby, along with Starbucks, Calzedonia, Kiko, Bershka, Adidas, and more. Other recent additions to the area include Tous, Parfoi, Oysho and Five Guys.