Acacia Point Capital advises on Spanish JV between IBA Capital Partners and CBRE Global Investment Partners
Acacia Point Capital advised IBA Capital Partners on the structuring of its JV with CBRE Global Investment Partners and the simultaneous acquisition of the JV’s first two assets: ABC Serrano Shopping Centre and a prime high street retail unit on Calle de Preciados, two of Madrid’s strongest retail locations.
The ABC Serrano Shopping Centre has a gross lettable area of 14,000 sqm. The JV will undertake an extensive refurbishment and when complete the centre will offer a mix of retail, restaurant and leisure space on Madrid’s premier luxury retail thoroughfare. Preciados 9 has a total area of around 2,400 sqm and once refurbished will serve as a retail flagship store for a global retailer, in one of the busiest retail locations in the city. IBA Capital Partners will lead the repositioning and refurbishment works.
Matthew Walker, Managing Director of Acacia Point Capital said “Since establishment in 2013, IBA Capital Partners has become a highly regarded boutique investment management business, having acquired more than €700m of prime retail and office assets in Madrid and Barcelona. This new JV with CBRE Global Investment Partners is a further step forward for IBA Capital, enabling them to fulfil an ambition to collate a portfolio of quality Spanish value-add assets with the support of a major global real estate investor. Acacia Point Capital was instrumental in negotiating this JV and we are delighted to be part of IBA’s success. Further projects with collaboration between Acacia Point Capital and IBA Capital are underway.”