14th May 2015 07:23
LONDON (Alliance News) - Kennedy Wilson Europe Real Estate PLC Thursday said it has acquired retail property Puerta del Sol 9 in Madrid for EUR30 million.
The high street property is located on the Plaza Puerta del Sol in Madrid, a major retail location in the Spanish capital. Kennedy Wilson said that, following receipt of planning approval for a refurbishment of the site, it will be marketed to high-end retailers looking for flagship accommodation.
The property was sold by order of the Mercantile Court 3 in Barcelona.
"The acquisition of Puerta del Sol adds Madrid's renowned touristic destination, the equivalent of Piccadilly Circus in London, to our portfolio. It provides us with prime irreplaceable real estate with significant asset management potential. The supply-demand dynamics of the area have remained robust, even throughout the downturn, and occupational requirements continue to grow," said Kennedy Wilson Chief Executive Mary Ricks.
Shares in Kennedy Wilson were down 0.8% to 1,174.00 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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