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Friday, May 24, 2024

Eversheds advises Patrizia on the sale of Sfera flagship in Preciados

Eversheds Sutherland Spain has advised Patrizia AG on the sale of a commercial building, currently leased to Sfera, part of the El Corte Inglés group, to Mutualidad de la Abogacía

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Mutualidad de la Abogacía has acquired from Patrizia AG the commercial building at Calle Preciados 4 in Madrid, occupied by the firm Sfera, owned by El Corte Inglés.

The property, which was completely refurbished in 2007, has 2,560 square metres of commercial space, distributed over six floors plus basement, and a façade of more than 50 metres, facing both Calle Preciados and Calle Tetuán. And its tenant, El Corte Inglés, has a binding contract until February 2025, extendable, if both parties deem it appropriate, until February 2030.

With this transaction, in which the seller has been advised by Savills and Cushman & Wakefield, and with Eversheds Sutherland as Legal counsel, Mutualidad de la Abogacía has a total of 45 properties in its portfolio, with a total surface area of over 219,460 square metres and a market value of over 848 million euros.

“The purchase of this new property reaffirms our commitment to high street retail. It is an emblematic building, which perfectly meets all the criteria we look for in a transaction of these characteristics and which helps us to continue to consolidate our portfolio, always for the benefit of our members,” explained Carlos Pérez-Baz, director of real estate investments at Mutualidad de la Abogacía.

Eversheds Sutherland Spain advised Patrizia with a Real Estate team led by partner Rafael Arraez Amselem, together with legal director Ignacio Fraile Medina and lawyer Andrea Calavia Mendiola.

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