October 23, 2018HENDERSON PARK EXPANDS ITS SPANISH PORTFOLIO WITH ACQUISITION OF RETAIL AND OFFICE PROPERTY ON GRAN VIA, MADRID
23 October 2018: Henderson Park, the European real estate investment platform, announces that it has acquired Gran Via 43, a prime high street retail/office property located in the centre of Madrid, Spain, from Mutualidad General de la Abogacia, the Spanish pension fund for lawyers. Henderson Park secured €39 million of senior acquisition financing from La Caixa for the transaction.
The 7,347 sqm high street asset is spread across 11 levels, with the lower two floors comprising retail units and the remainder made up of office space. The asset is multi-let to seven tenants and provides attractive asset management opportunities, capitalising on its strong location.
Gran Via is the single most visited street in Madrid and records the city’s highest footfall levels. The street includes international brands and flagship retail stores and is a dominant area for hotels, restaurants, cinemas and theatres. The ongoing regeneration of the historical city centre of Madrid, including plans to pedestrianise Gran Via, is expected to reinforce its attractiveness.
This transaction represents Henderson Park’s third investment in the Spanish market, and second in Madrid, following the acquisitions of Los Cubos office asset in 2017 and a site to develop a 750-bed student housing scheme in Barcelona earlier this year.
Nick Weber, Founding Partner of Henderson Park, said: “This acquisition presents a rare opportunity to invest in a prime central Madrid location that offers considerable asset management potential. Leveraging both the asset’s prominent positioning and the wider regeneration of the Gran Via area we are reviewing options for both the refurbishment and re-leasing of the existing space, as well as repositioning for alternative uses to fully unlock the property’s potential.
“As illustrated by our investment activity to date, we are confident in the prospects for the Spanish market which has enjoyed a strong economic recovery and continues to draw high tourist numbers, underscoring our confidence in this latest addition to our portfolio.”
Ashurst acted as Henderson Park's legal advisor for the acquisition.
For further information:
FTI Consulting: +44 (0)20 3727 1000
Richard Sunderland, Ellie Sweeney, Eve Kirmatzis
About Henderson Park
Henderson Park is a real estate investment platform which was launched by Nick Weber in late 2016. It has already built a $3.5 billion portfolio of landmark European real estate assets across four countries and a high quality team of 27 professionals. Henderson Park is backed by three cornerstone investors: Stone Point Capital, Kuwait Investment Authority and Wafra Investment Advisory Group.
Henderson Park has been established to invest in European real estate, primarily targeting gateway cities and seeking investments in both assets and companies. Henderson Park will pursue opportunities across a wide variety of commercial real estate sectors.
Henderson Park is led by Nick Weber, its Founding Partner and CEO. Nick has over 20 years of real estate experience, including most recently as Head of Europe for Mount Kellett and previously at Goldman Sachs for 14 years, where he was a Partner and Co-Head of its European Special Situations Group.
The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.