Global real estate firm Thor Equities has closed on the acquisition of 5 Puerta del Sol in Madrid for €43m.
Adjacent to the famed Casa de Correos (House of the Post Office) on Puerta del Sol, one of the best known and busiest areas of Madrid for tourists and locals, the Spanish period building features two vacant retail units totaling more than 990 square meters.
“We continue to believe strongly in the Madrid market – and the highly trafficked area of Puerta del Sol in particular – due to ongoing growth in the Spanish economy and a rise in consumer confidence, as well as a steady increase in the number of foreign visitors to the city, all of which are leading to rising retail sales,” said Jared Hart, managing director of Thor Equities.
Numerous retailers have set up flagship stores on Puerta del Sol over the last few years including Apple, Top Shop, Sephora and Women’s Secret. The Spanish headquarters of Apple is also located on the corner of the plaza. Other leading international and local retailers in the surrounding area include Zara, H&M, Mango and Bershka.
Furthermore, the nearby Centro Canalejas project – which will include a shopping centre, luxury apartments, and the first Four Seasons Hotel in Spain – is forecast to significantly increase the foot traffic and quality of central Madrid.
The acquisition of 5 Puerta del Sol continues Thor Equities’ recent international expansion. The company’s European holdings include 11 Puerta del Sol and 16 Calle Fuencarral in Madrid, 26 Via della Spiga in Milan, 102 Ave. des Champs-Elysees, 51-53 Blvd. Haussmann and 32 Rue des Archives in Paris, and 65 Blvd. de la Croisette in Cannes.
Thor also owns a number of properties in London including 1 Dover St., 145 Oxford St., 105-109 Oxford St., and Bond Street House at 14 Clifford St. as well as Burlington Arcade, a historical and architectural masterpiece.