Azora buys 16-screen Cinema in Madrid’s Mendez Álvaro

Azora’s new fund, Azora Principals, focused on value-add opportunities has recently invested €60 million on three acquisitions: a retail property with a 16-screen cinema, an office building and a mixed-use (office/retail) property on Calle Villanueva.

With this acquisition, Azora endeavours into the retail segment, a sector in which it has shown interest in recent years and held conversations with Mackintosh Mall to develop La Solia, a 90,000m2 Retail Park. The group’s latest acquisition in Méndez Álvaro is leased to Cinesa, a subsidiary of Odeon Cinemas which is owned by China’s largest cinema operator, Wanda Cinemas.

The retail asset has a GLA of 16,000m2 and seating capacity for 2,756 viewers in its 16 screening rooms. Knight Frank has acted as advisor to the vendor.

As reported by SpanishREIT.com in February of 2019, Azora paid €28.3 million for a 23,108m² office building on Avenida Llano Castellano 51 which is let to Tendam, a fashion group which owns brands such as Cortefiel, Pedro del Hierro, Womensecret, Springfield and Fifty.

The new fund’s current portfolio includes a 3,000m2 building on Calle Villanueva with 1,500m2 of office space and 1,300m2 for retail use which is let to catering company Eneldo.

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