The global real estate firm has signed a €50M green loan with CaixaBank, Spain’s leading financial group, as part of a new financing package for its flagship Preciados 13 project in Madrid.
In 2017, the mixed-use building was acquired by Hines on behalf of BVK Highstreet Retail Preciados S.L.U. The recently renovated complex is located at calle Preciados 13, Madrid’s main pedestrian street, recognised as one of the main shopping destinations in Europe, and lies on the corner of calle Maestro de Victoria.
€12M has been invested in refurbishing the building, which boasts retail space spanning 2,700sq m, leased to the international fashion brand Bershka, part of the Inditex Group and one of the largest fashion retailers in the world, and 2,000 square metres for a boutique Chic & Basic hotel which opened in the autumn of 2021, comprising 51 rooms and an adjoining gastronomic offer on the first floor by the Naked & Sated health food restaurant.
Vanessa Gelado, Senior Managing Director & Country Head, Hines Spain, said: “We’re very pleased with the refinancing of this historic property in Madrid, in which we have invested all our efforts to create a unique space that will enable us to have a benchmark asset in one of the capital’s prime areas, which has undergone a very significant transformation in recent years. Thanks to the quality of the refurbishment we’ve managed to agree a green deal with CaixaBank in line with our ongoing ESG strategy.”
